23 Aug 2013
USD/JPY blows 99.00 stops; en route to 99.35 and beyond...
FXstreet.com (Barcelona) - USD/JPY has broken above 99.00 stops-sensitive area, leading the price to peak at 99.08 after consistent buying through the Asian session as the Nikkei 225 surges above 2.5%, also supporting the currency.
According to Haruya Ida from IFR Markets Tokyo Bureau: "Break above 99.15 projects test of 99.95 8/2 high, 100.00, with the latter likely to see good optionality, possible at 99.50 too."
At the current pace of buying participation, which has seen barely no pullbacks since the rebound sub 97.00 last Aug 20, expect any retracement to be shallow before dip buyers rejoin uptrend towards 99.30/35 next resistance ahead of 99.50.
According to Haruya Ida from IFR Markets Tokyo Bureau: "Break above 99.15 projects test of 99.95 8/2 high, 100.00, with the latter likely to see good optionality, possible at 99.50 too."
At the current pace of buying participation, which has seen barely no pullbacks since the rebound sub 97.00 last Aug 20, expect any retracement to be shallow before dip buyers rejoin uptrend towards 99.30/35 next resistance ahead of 99.50.