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USD/JPY about to kiss 110.00, broad-based USD strength

FXStreet (Bali) - USD/JPY has taken off to make fresh multi-year highs, just pips away from the big round number 110.00, following broad-based USD strength after a miss in Australian retail sales, which pushed the AUD to new lows, proving once more the well established negative bias.

Jim Langlands, Founder at FXCharts, notes: "Above 109.85 would run into exporters and option related sellers protecting the 110 barrier, which, as before will not be easy to overcome. Above 110.00, stops will be building, and if triggered would see a run towards 110.65 (August 2008 high), above which the dollar would head on to 112.50 (76.4% Fibo level of 124.13/75.56). On the downside, 109.50 will act as initial support ahead of the 100 HMA at 109.25 and the 200 HMA/Daily Tenkan at 109.00."

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