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USD/JPY testing highs around 102.70/75

FXstreet.com (Barcelona) - The Japanese yen has resumed its depreciation against its American counterpart on Tuesday, pushing the cross to test intraday highs in the proximity of 102.70/75.

The renewed downtrend in the yen is following today’s words by Japanese Economy Minister A.Amari, downplaying Monday’s comments when he said that further weakness in the domestic currency would be harmful for the economy. “We believe that yen weakness beyond the 110-level for USD/JPY may be viewed as more uncomfortable which should help to dampen the pace of further yen weakness ahead”, suggested Lee Hardman, Currency Analyst at BTMU.

The cross is now advancing 0.38% at 102.66 with the next resistance at 103.18 (high May 20) followed by 103.32 (2013 high May 17) and finally 103.50 (low Sep.30 2008).
On the flip side, a breakdown of 102.08 (low May 21) would open the door to 102.00 (low May 20) and finally 101.83 (low May 16).

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