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Forex: USD/JPY breaks above previous 3.5-year highs

FXstreet.com (Barcelona) - Helped on soaring local share markets with Nikkei climbing to its highest since 2008 above the 13k level, last at 13165, a +4.2% gain to add to yesterday's +2.2% following bold steps taken by the BoJ yesterday, the USD/JPY is last at 96.80, highest level since early Aug 2009. The pair is up +2.8% for the week so far, and more than +11% year to date, moments before BoJ Kuroda speaks to parliament.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators correcting overbought readings but price pushes higher, which should keep the downside limited, unless until NFP release Friday early US,” the analyst says. USD/JPY is currently printing fresh highs at 96.99 as these lines are written.

Valeria finds support levels at: 96.05, 95.80 and 95.50, while resistance levels at: 96.70, 97.20 and 97.60.

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Forex: USD/JPY longs looking to take profit - TDS

With USD/JPY soaring to fresh new highs above the 97 handle, not seen since August 2009, “those who have ridden the USD/JPY rally up over the past few months will be looking to take profit—sooner rather than later if the USD cannot rally more obviously,” says Toronto based Chief FX Strategist at TD Securities Shaun Osborne.
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