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Forex: USD/JPY eyes 102.00, dollar firmer

FXstreet.com (Barcelona) - The USD continues its march north on Monday, picking up pace again and heading towards the key limestone at 102.00 vs. the Japanese yen.

“USD/JPY’s break above key psychological resistance at the 100-level has also encouraged further yen selling. Yen weakness appears likely to extend further in the near-term with little technical resistance for USD/JPY until around the 105.00 to 105.50 area which should encourage speculative selling”, suggested Lee Hardman, Currency Analyst at BTMU.

As of writing, the pair is up 0.01% at 101.90 and a surpass of 102.16 (high Ot.21 2008) would bring 102.42 (high Oct.20 2008) and finally the psychological level at 103.00.
On the downside, support levels align at 100.79 (high May 9) and then 100.54 (low May 10).

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