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Forex: USD/JPY reaches highest level in over 4 years

FXstreet.com (Córdoba) - The US dollar extended gains versus the yen during the New York session and broke above the 102.15 area (high May 13) to its highest level in over 4 years.

Having risen over 100 pips throughout the day, USD/JPY recently stretched to a high of 102.31, last seen Oct 20 2008. At time of writing, the cross is trading around 102.25/30, recording a 0.5% gain on Tuesday.

As for technical levels, next resistances could be found at 102.40 (high Oct 20 2008) and 103.00 (psychological level). On the other hand, supports are now seen at 102.00 and 101.25 (daily low).

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