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USD/JPY blasts through 103.00, prints new four year highs

FXstreet.com (Barcelona) - The USD/JPY continued its trek higher today, climbing another 64 pips to close at 103.11 (highest daily close since Oct 2008)

According to Sean Callow of Westpac, “USD/JPY price action was interesting, the pair emerging only slightly higher versus the pre-Bernanke levels, from 103.00 to 103.15 in early Sydney. Of course in the meantime it traded a wide 102.69 – 103.74 range. Bernanke said the Fed is supportive of Bank of Japan policies. BoJ governor Kuroda yesterday sounded fairly relaxed about the rise in JGB yields but the volatility will be watched closely in coming days.”

Some analysts are looking at the short term time frame charts for hints where the pair may be headed in the coming Asia session. According to Val Bednarik of FXStreet.com, “the USD/JPY surged to another multi years high, this time at 103.72, finding as expected strong resistance in the 103.60 area. Strong risk aversion mid American afternoon sent price lower, but the hourly chart shows indicators still above their midlines and price regaining some ground above 100 SMA. While the EUR/JPY may have a hard time to continue rising, the picture for USD/JPY has not yet changed: the dominant trend remains bullish and buyers will reappear on dips. However, if local share markets follow their overseas partners, risk this Thursday remains to the downside, with 101.25 as main support and ultimate buying level. A daily close below this last, should point for a stronger bearish movement, eyeing then 99.70 price zone.”

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