Forex: USDJPY – tailed to 101.50 support off from 101.73 the high

FXstreet.com (London) - The Yen is relentless, with European markets taking out 101.64, a resistance level sighted by the Mataf.net analyst team, and getting up as high as 101.73 in todays activity so far.

Up ahead we have Bernanke speaking at 12.30GMT observing the value of the USD and US economy, so we might see some more impetus there for market positioning in this pair. The pair is finding near term support 101.50 currently and seems all to happy here. Now that the market seems set and ready to go, there isn’t much resistance looking at the longer-term charts up to 105.00 the figure. Over the course of the G7 which kicks off today in the UK, Yen is likely to be a topic of discussion and the market will be paying very close attention.