FXstreet.com (Córdoba) – The USD/JPY found support around 77.60, resumed the upside and managed to break above 77.80. The pair hit a fresh 2-week high at 77.98 and currently remains near the highs after a positive opening in Wall Street were equities are rallying.

“Positive stocks along with recent break above the 77.50 area continues favoring the bullish short term trend in the USD/JPY, that quickly approaches 78.00, immediate resistance are as per being the 38.2% retracement of the post intervention bullish rally,” said Valeria Bednarik, Chief Analyst at FXstreet.com. She stated that the USD/JPY needs to settle above the 78.05 area, to confirm a bullish continuation rally “that may extend, over the upcoming sessions, towards 79.30, 200 DMA.”