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Forex: USD/JPY 100.00 Cards Are Stacking UP

FXstreet.com (London) - Bids for USD/JPY came in at 97.00 last week holding USD/JPY firm for a run up to test the psychological level of 100.00 for the third time. The pair gathered momentum on Friday after the release of the bullish NFP numbers, gaining some 120 pips to actually and more importantly close at 99.09 and above the figure 99.00. The session high was 99.30, a high not seen since the 1st April of that dramatic day for the pair early on this year; post the days of the summer 2009 highs.

A close here will allow 100.00 to be well within range to satisfy the those buyers buying on dips around 97.00 the figure from last week. A realistic target would be 100.10 with stop loss orders coming into effect. How exciting! There has been quite bit of data already released of late for traders to take their stance, and with the US session approaching, support in USDJPY may play out with sell orders coming in at 99.80 and 99.90, capping the immense depreciation that has been seen in the Yen over the past several months, before big number of 100.00, of which breached, may prove to be short lived in its third attempt. A close above may be the catalyst for further bids coming into play.

USD/JPY has a high of 99.47 from the start of the London session and rides 99.22 as I write.

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