USD/JPY Price Analysis: Crosses key hurdle to poke monthly top above 114.00, bulls in charge

• USD/JPY advances towards monthly peak on crossing three-week-old resistance line.
• Bullish MACD signals direct up-moves to October highs.
• Key SMA levels add to the downside filters, 61.8% Fibonacci Expansion (FE) on bull’s radar.

USD/JPY takes the bids to 114.30, up 0.17% intraday while rising to the fresh high since November 01 during early Friday.

The yen pair recently crossed a downward sloping trend line from October 20 and gains support from the bullish MACD signals to direct buyers towards the monthly high of 114.45.

During the quote’s sustained trading beyond 114.45, October top near 114.70 and the 115.00 round-figure may entertain the USD/JPY bulls ahead of directing them to the 61.8% FE level of October-November moves near 115.15.

Alternatively, the resistance-turned-support around 114.10 and the 100-SMA level of 113.75 restrict short-term pullbacks of the pair.

Should USD/JPY sellers dominate past 113.75, the 200-SMA level near 113.15 and the monthly trough close to 112.70 gains the market’s attention.

Overall, USD/JPY is up for refreshing the multi-day peak above 115.00.

USD/JPY: Four-hour chart

Trend: Further upside expected