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Forex: USD/JPY pauses ahead of 102.00

FXstreet.com (Córdoba) - The yen is finally taking a breather and helped by some profit taking ahead of the weekend, it managed to trim intraday losses against the dollar after failing to overcome the 102.00 hurdle.

USD/JPY climbed over 300 pips since yesterday's NY session and printed a 4 ½-year peak of 101.98 on Friday, before finding sellers and pulling back somewhat. At time of writing, USD/JPY is trading around 101.50, still up 0.9% on Friday and accumulating 2.4% this week.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com comments that for next week, key support will come around 99.70 former highs, and corrections towards that level are possible, but unlikely.

"A breach higher than 102.00 will signal an upward continuation towards 103.60 area, next big midterm resistance, ahead of 105.00 area", says Bednarik. "Once above this latter, there's scope for an upward continuation towards 110.00, August 2008 highs".

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