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Forex: USD/JPY finding its way to 100.00 after G20

FXstreet.com (Barcelona) - As the G20 and IMF didn’t disapprove the BoJ monetary policy decisions announced in April, investors felt safe to keep selling the Yen. The USD/JPY reached as high as 99.89 during the Asian session, but the psychological level at 100.00 is a powerful resistance price which still makes the market nervous. The pair is currently at 99.75 (+0.23%) as it finds its way to the upside.

The economic calendar is pretty empty for the European session, but there will be US existing home sales and EMU consumer confidence later in the day.

Commerzbank analysts see the 99.70/100.00 resistance exposed. “We target 101.27/67 (the 1999 and 2005 lows). This is expected to hold the initial test. Should this be cleared this will see a target of 105.50 engage, this is the 61.8% retracement of the move down from the 2007 peak”, wrote analyst Karen Jones.

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