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The yen is weakened by the Nikkei's increase, USD/JPY has managed to climb above an important resistance level on the short term as the USDX has increased as well. The Japanese currency has stayed lower versus the USD, despite the JP225 sell-off, the dollar is used as a safe-haven currency these days.
The stronger dollar drags USD/JPY higher even if the COVID-19 has sent the Nikkei stock index towards new lows. USD/JPY is trading at 108.93 level, a valid breakout above the 109.37 former high will signal a further increase way above the 110.00 psychological level.
USD/JPY has decreased as much as 106.91, but it has failed to reach the 50% retracement level, signaling that the corrective phase could be finished. It has tested and retested the inside sliding line (SL) of the descending pitchfork and now has jumped above the median line (ML) and above the 108.70 former high.
The price moves sideways on the short term, a valid breakout above the 23.6% and another higher high will signal a further increase towards the upper median line (UML) of the dark blue descending pitchfork.
I really believe that another higher high, a jump above the 109.37, will validate a further increase towards the UML and towards the 111.71 high. USD/JPY has failed to stabilize below the median line (ML) of the descending pitchfork.
USD/JPY could drop again only if the USDX and the JP225 will decrease. The pair could come back down to retest the 108.70 broken resistance before it resumes the upside movement.
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