The TopFX team has reviewed the latest reports by technical analysts which indicate that USD/JPY is currently in bullish territory. In particular, we are reading that: 

USD/JPY hits the 107.00 mark for the first time since August 2020. Technical analysts suggest:

• The US Dollar keeps going up towards 107.00 JPY and stays strong near the highest since July 2020. 
• On Thursday, USD/JPY continued scaling higher through the mid-European session and refreshed multi-month tops.
• The risk-on mood, an uptrend in the US bond yields, pickup in the USD demand stayed supportive.
• Bulls traders took additional cues from an unexpected pickup in the US Treasury bond yields, empowering the US dollar and giving a further rise to USD/JPY.
• Minor overbought conditions justify consolidation before the next leg of a positive move.

(Sources: fxstreet.com / fxempire.com)

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