Forex: USD/JPY, bulls officially staring at 101.00 from the rear mirror

FXstreet.com (Barcelona) - USD/JPY has penetrated 101.00, where an option-related barrier was thought to be protecting the level. The exchange rate has topped out at a new 4-year high in 101.19, over 0.70% above its Thursday's NY close.

Since the bullish momentum is very strong, best represented by 14 hours of straight gains without almost no respite, Valeria Bednarik, chief analyst at FXstreet.com, expects market players to soon hit 101.44, April 2009 monthly high. On the downside, there is a first support area noted at 100.93/90 as per the double top on the 5m lower timeframe, followed by 100.70 vicinity.

Further down towards 99.70/100.00 if sellers can apply enough pressure, "will be seen as strong buying opportunities, although be aware, pullbacks are highly unlikely in yen crosses" Valeria said.