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Forex: USD/JPY off fresh 3-year high below 95.00

USD/JPY is currently trading at 94.95, fresh session highs, off weekly highs at 95.10 in early NY trade, highest since Aug 2009. The pair is higher by +1.01% from previous Asia-Pacific open yesterday, and +1.46% for the week, recovering from weekly lows Tuesday at 92.90. Yen is by far the weakest currency among majors, with Nikkei index breaking yesterday above the 12k points mark for first time since Sept 2008, up already +12% since year started.

“The BOJ is about to enter a new era with Kuroda san at the helm and this raises the possibility of some very aggressive easing at the next meeting in early April,” says FXWW founder Sean Lee, noting: “USD/JPY broke above recent highs at 94.50 and in a market of USD strength and Yen weakness, buying any intraday dips back to this level makes a lot of sense,” adding: “We are currently testing weekly highs at 95.00 and a weekly close above there would suggest that we are headed to 101.50,” he concludes.

Immediate resistance to the upside for USD/JPY shows at mentioned long term 95.10 NY session high, followed by March 28 2009 lows at 95.60, and July 01 2009 highs at 96.14. To the downside, closest support level lies at previous 2013 highs Feb 24 94.55, followed by Wednesday's highs at 94.13, and yesterday's lows at 93.80.

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