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Forex: USD/JPY in highs around 102.50

FXstreet.com (Barcelona) - The USD rally keeps pushing the cross higher on Thursday, printing fresh highs in the vicinity of 102.50.

According to the latest weekly securities transactions report by the MoF, “Japanese investors continued modest net purchases of foreign bonds in May… The dominant flow still remains foreign net purchases of Japanese equities, a flow which is likely largely hedged limiting its yen weakening impact”, assessed Lee Hardman, Currency Analyst at BTMU.

At the moment, the cross is up 0.24% at 102.50 with the next resistance at 102.77 (2013 high May 15) followed by the psychological level at 103.00 and then 103.06 (high Oct.14 2008).
On the downside, a breach of 101.97 (low May 16) would accelerate the decline towards 101.85 (low May 15) and then 101.25 (low May 14).

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