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Forex: USD/JPY jumps to 99.23/27

FXstreet.com (Barcelona) - After falling below the 99.00 level briefly during the overnight session (98.91 daily low), the USD/JPY is back on track and trading positively. Ahead of the FOMC minutes later today, the cross is operating in positive territory at 99.23/27, having advanced +0.23% above its opening thus far.

Briefing the technicals, the Mataf.net technical analyst team identifies resistances at 99.58, onto 99.99, and finally 100.49. Conversely, a break below 98.66 will initiate supportive measures at 98.17 and 97.55.

“The USD/JPY is trading around 161.8% Fibonacci at 99.25, meanwhile RSI is showing great overbought signals making the bearish rebound valid if the pair stabled below 99.25. Ultimately, the pair is stable above key resistance level of the ascending channel forcing us to prefer being neutral today to see the pair’s reaction towards 99.25 levels.” notes the ICN.com analyst team.

According to Research analyst Gareth Berry at UBS, “The BoJ story itself still has further to run in our view and overnight we raised our end-2013 USD/JPY forecast to 110 (from 100 previously). The end-2014 forecast also rises to 120 (up from 110 before).

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