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Forex: USD/JPY in multi-year highs above 95.00

The Japanese yen fell beyond 95.00 against the US dollar on Thursday, levels last seen in August 2009 as the bearishness surrounding JPY intensifies.

“Our outlook is fairly neutral very near term, longer term we remain bullish. Currently we remain unable to rule out a slide back to trendline support ahead of another leg higher. We can see that the market remains clearly under pinned by trend line support at 91.29”, assessed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

At the moment, the cross is up 0.92% at 94.92 with the next resistance at 95.77 (low Mar.2008 low) followed by 97.79 (high August 2009) and then 98.86 (high June 2009).
On the downside, a break below 93.79 (low Mar.7) would clear the way to 93.15 (low Mar.6) and finally 92.91 (low Mar.5)

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