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21 Mar 2013
Forex: USD/JPY climbs again above 96.00
FXstreet.com (Barcelona) - USD/JPY is last at 96.08 around fresh weekly highs price zone, few minutes away Japan returns from a bank holiday as the first day the new BoJ staff is on full force, following latest FOMC. The pair is up +0.98% from previous Asia-Pacific open yesterday, and about the same increase for the week. Japan's trade balance figures will be released at 23:50 GMT, while Nikkei futures point for a flat open around the 12400 points mark.
As Sean Lee noted, FXWW founder: “USD/JPY has chewed through some very heavy offers on the 95 handle and it’s getting pretty hard to argue with the bullish credentials here,” the analyst says. “This pair is very susceptible to sharp downside spikes (it traded at 93.45 in early Monday interbank trade) but the fact that it keeps rebounding is an impressive sign of strength,” he expands, concluding: “Next target here is trend highs near 96.50.”
Immediate resistance to the upside for USD/JPY shows at recent weekly highs 96.13, followed by Friday's highs at 96.27, and Thursday's and March 08 highs at 96.60. To the downside closest support lies at Tuesday's highs 95.74, followed by March 13 lows at 95.43, and Tuesday's lows at 94.72.
As Sean Lee noted, FXWW founder: “USD/JPY has chewed through some very heavy offers on the 95 handle and it’s getting pretty hard to argue with the bullish credentials here,” the analyst says. “This pair is very susceptible to sharp downside spikes (it traded at 93.45 in early Monday interbank trade) but the fact that it keeps rebounding is an impressive sign of strength,” he expands, concluding: “Next target here is trend highs near 96.50.”
Immediate resistance to the upside for USD/JPY shows at recent weekly highs 96.13, followed by Friday's highs at 96.27, and Thursday's and March 08 highs at 96.60. To the downside closest support lies at Tuesday's highs 95.74, followed by March 13 lows at 95.43, and Tuesday's lows at 94.72.