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Forex: USD/JPY stalls below 102 after G7

FXstreet.com (Barcelona) - The USD/JPY is last trading at 101.79 asks, off fresh session highs at 101.91, up from previous weekly close Friday around the 101.60 level. Now with the G7 meeting in the back, held near London this weekend, the pair has officially more room to go further higher, even though will be closely watched.

"I'm just going to refer back to the ground rules and the fact that we've made clear that we'll keep an eye on that," US Treasury Secretary Jack Lew told to CNBC as cited by Reuters. The pair is close to a +3% advance from past weekly Monday opening, after the huge move higher from Thursday when the big 100 level was targeted and breached. USD/JPY is now more than +30% higher since anticipated elections were called last November.

Immediate resistance to the upside for USD/JPY shows at recent session and Friday's highs 101.98/91, highest since Oct 2008, followed by year 2000 and 2005 lows around the 102.10/35, and Dec 27 2004 lows at 102.75. To the downside, closest support lies at session lows 101.60, followed by Friday's Asian session highs at 101.20, and Thursday's highs at 100.80.

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