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USDJPY: Made fresh highs at 105.70

Today on the economic calendar we have from Japan the Eco watchers survey current and outlook in August that is considered as basic material for assessing short-term economic trends in Japan. To held review economic developments inside and outside of Japan and indicate a sign of new fiscal policy we have BoJ monetary policy meeting minutes.

In August USDJPY went from accumulation to bullish phase after a 3 month consolidation. Last Friday the pair rallied and made a new year high at 105.70 but failed to sustain the momentum and closed in the red holding in the resistance zone from 104.83 to 105.44.

Expecting downward move to daily support at 104.10 on a break below Fridays low at 104.67 (scenario 1) or a bounce from daily resistance at 104.83 could force USDJPY to 105.70 (scenario 2).