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USD/JPY hits fresh 6-year highs

FXStreet (Córdoba) - The pair gained upside momentum after the beginning of the American session and rose from 106.10 to fresh multi-year highs. USD/JPY broke above 106.35/40 and climbed to 106.46, hitting the strongest level since October 1st, 2008.

Price remains near the highs, up 40 pips from yesterday's closing price, headed toward the sixth daily gain out of the last eight trading days.

USD/JPY bullish but ahead for correction

“The USD/JPY has accomplished its breakout from the 100-105 long-term range, reinforcing the view for 112.00 and more upside; whereas on the daily chart, the current levels mark a key 161.8% Fibonacci extension of the Oct – Dec 2013 impulse wave, which would most likely to see a correction (to 105.42 onto 104.50) offering buying opportunities for the targets of 109.30 and 112.00” said Dmytro Bondar, Technical Analyst at RBS.

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