USD/JPY: Poised to move higher towards the 106.22 February high

USD/JPY is comfortably trading above 106.00 and in the view of FXStreet’s Chief Analyst Valeria Bednarik the pair is ready to challenge the February high of 106.22.

Key quotes

“Jerome Powell, the head of the US Central Bank has made it clear that there’s a long way ahead of an economic comeback, adding that the ultra-loose monetary policy will remain in place for as long as required.”

“The US will release today January Durable Goods Orders, foreseen at 1.1% from 0.5% in the previous month. The calendar will include Initial Jobless Claims for the week ended February 19, foreseen at 838K, and January Pending Home Sales.”

“USD/JPY has been meeting buyers on retracements towards the 105.80 level, the immediate support. As long as the pair holds above it, the risk will remain skewed to the upside.”