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Forex: USD/JPY rises above 94.50

FXstreet.com (San Francisco) - The US dollar is currently trading higher against the Japanese yen and after rising around 50 pips from the 94.10 in the late American session, the USD/JPY has broken above the 94.40 resistance to reach fresh intra-day high at 94.60. Currently the pair is trading at 94.55.

With 0.40% gains on the day, the USD/JPY is strongly bullish according to the FXstreet.com trend index. Indicators such as MACD, CCI and Momentum are bullish while Stochastic is bearish in the 1-hour chart. Above 94.60, next resistances are at 95.00 and 95.20. On the other hand supports are at 94.10, 94.00 and 93.50.

According to Research Analyst Gareth Berry at UBS, “We reiterate our bullish stance for the USD/JPY as the pair remains bolstered by strong support at 93.11. So long as this level holds on closing basis, there is scope for resumption of strength. Resistance is at 95.12 ahead of 96.71.”

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