USD/JPY climbed above the May high today. A look at the orderboard.

USD/JPY is up 70 pips to 120.66 today, building on a similar-sized bid a day ago.

The bulk of the gains came after a strong housing starts report and technical buying accelerated after the May high of 120.50 broke.

Bids are light after the recent rally:

  • minor demand at 120.05/00
  • 55-dma at 119.90
  • 119.50
  • 119.33 - 100-dma

Offers:

  • 120.84 - April high
  • 121.00 - strong offers
  • 121.20 - late March spike high
  • 121.50 strong offers, stops above
  • 122.01 - March high