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USD/JPY with 107.00 in focus

FXStreet (Córdoba) - USD/JPY is pushing to fresh 6-year highs during the European session, as the yen continues to underperform across the board.

USD/JPY extended gains, totalling more than 180 pips so far this week, and reached its highest level since Sept 2008 at 106.79, putting 107.00 in focus. At time of writing, the pair is trading at 106.68, recording a 0.47% gain on the day.

The dollar picked up momentum Monday, and builded on last week’s gains, after a study from San Francisco Fed suggested US rate hikes will be faster than many had anticipated.

USD/JPY technical levels


In terms of technical levels, immediate resistances could be found at 107.00 (psychological level/Sept 25 2008 high), 107.16 (Sept 22 2008 high) and not much until 108.00/02 (psychological level/Sept 192008 high). On the other hand, supports are seen at 106.00/03 (psychological level/intraday low), 105.70 (Sept 5 high) and 105.11 (10-day SMA).

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