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Forex: USD/JPY keeps the positive around 99.15/20

FXstreet.com (Barcelona) - The Japanese yen continues to lose ground against its American counterpart, falling from session highs in the proximity of 98.20 to the current levels around 99.15/20.

“Over the last week we have heard support for the BoJ aggressive policy from several fronts, including the IMF and the BoC. Together this suggest that even with USDJPY at 100, there is unlikely to be a global backlash; this in turn opens up the opportunity forUSDJPY to test higher still”, commented Strategist Camilla Sutton at Scotiabank. The analyst added that 105.25 would be the next major level for the cross.

At the moment, the cross is up 1.03% at 99.17 with the next resistance at 99.80 (high Apr.12) ahead of 99.95 (2013 high Apr.11) en route to the psychological level at 100.00
On the downside, a breach of 98.71 (high Apr.15) would target 98.57 (MA200h) and then 98.08 (hourly low Apr.19).

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