FXStreet (Guatemala) - USD/JPY bulls have shown some intent taking the price to new highs for the last couple of sessions and recovering in style from the opening lows of 120.09. A rally took the major from 120.24 to score 120.55 so far as Tokyo gets going. There is still some work to do to get into more positive territory above 120.85 and cloud base resistance, but bulls are making a base here through the 20 hourly SMA for a good start for the week. However, there are little fundamentals to crystalise the bullish case this week as markets remain illiquid in the countdown to year end and it will be the start of 2016 that full markets return and adopt a theme one way or the other, most likely fixating on the divergences between the Fed and BoJ and whether that divergence can be extended so soon in Q1 to break out of the familiar ranges and away from the cluster of daily MA's at this juncture. USD/JPY levels Technically, the price is still below the cluster of MA's on the daily chart and until a break of the 200 DMA at 121.59, the bias remains to the downside in a yen positive environment. The base of the cloud on the bid at 120.85 is first key area on the upside case. The recent rejection of resistance offered by the 123.77 recent high left the pair in the hands of the bears all the way to recent lows of 120.09. On lower attempts, the 119.11 2012-2015 uptrend is key. While, a continuation of the upside has 123.77 on the wide and this is guarding 125.00/28 (the August high). For more information, read our latest forex news.