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Forex: USD/JPY remains in session highs

FXstreet.com (Barcelona) - The Japanese yen remains in session lows against the greenback, flirting with the 99.00 handle and intensifying the weakness after H.Kuroda’s QQE programme announced last Thursday.

“As a result of these initiatives, we have bought forward the timing of our forecast for USD/JPY to surpass ¥100 right into the current quarter and now forecast the pair at ¥110 my mid-2014, with risk that the latter level is achieved sooner than we currently project”, signalled the research team at the Australian bank NAB.

As of writing, the cross is gaining 1.44% at 98.99 and a surpass of 99.60 (high May 8 2009) would open the door to 99.80 (high May 7 2009) en route to the psychological mark at 100.00.
On the downside, support levels line up at 97.83 (high Apr.5) followed by 92.83 (low Apr.4) and finally 92.71 (low Apr.3).

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