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USD/JPY extends the correction from lows

FXstreet.com (Barcelona) - The USD continues to gather traction against the Japanese yen on Monday, currently hovering over 100.35/40 after falling to the very doorsteps of the critical 100.00 level.

“For now the 100.00 barrier remains untouched as importer bids have propped up the pair, but equity flows remain negative in North American session the temptation to run the 100.00 level will no doubt escalate, especially once we clear the 10 AM NY option cut”, noted Boris Schlossberg, FX Analyst at BK Asset Management.

At the moment, the pair is down 0.09% at 100.36 with the next support at 99.95 (high Apr.11) followed by 99.90 (high Apr.22) and finally 99.57 (61.8% of 96.99-103.74). On the upside, a breakout of 100.73 (high Jun.3) would clear the way to 101.00 (psychological level) en route to 101.29 (high May 31).

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