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Forex: USD/JPY makes new 4 ½-year high

FXstreet.com (Córdoba) - Following a shy setback, the US dollar resumed its advance versus the yen and printed yet another multi-year high at the beginning of the American session.

USD/JPY found temporarily resistance at the 102.60 level, but it picked up momentum and stretched to a fresh peak of 102.76, last seen Oct 14 2008. At time of writing, the pair is trading around 102.70, where it records a 0.3% daily gain.

As for technical levels, on the upside next resistances are seen at 103.00 (psychological level) and 103.05 (high Oct 14 2008). On the downside, supports could be found at 102.30 (20-hour SMA) and the 102.05 area (daily lows/psychological level).

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