USD/JPY: Reached 106.00/10 - scope for still higher

FX:USDJPY   U.S. Dollar / Japanese Yen
12:45 GMT - The break above the 105.77 weekly high of 5 February has reached the 106.00/10 area, where unwinding overbought intraday studies are prompting short-term consolidation. Daily stochastics and the Tension Indicator continue to track higher, however, and background weekly charts are positive, highlighting further gains in the coming sessions. A later close above 106.00/10 will extend January gains towards 106.50, ahead of the 107.15 Fibonacci retracement . Meanwhile, any break below 105.77 should stabilise above 105.50.
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