21 Nov 2013
USD/JPY extends gains, nears 101.00
FXstreet.com (Córdoba) - The USD/JPY broke above September highs and accelerated gains to a fresh 4-month high Thursday after Fed minutes suggested the bank could begin to taper stimulus soon as data improves.
The USD/JPY has risen over 90 pips throughout the day, leaving behind several resistance levels to hit its highest level since Jul 10 at 100.92. At time of writing, USD/JPY is trading at the 100.85 zone, recording a 0.8% gain on the day.
USD/JPY technical outlook
"The uptrend has been renewed with the recent break through 100.43 and the outlook is positive, for a rise towards 101.50 major resistance", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support is projected at 100.50 and crucial on the downside is 100.25".
The USD/JPY has risen over 90 pips throughout the day, leaving behind several resistance levels to hit its highest level since Jul 10 at 100.92. At time of writing, USD/JPY is trading at the 100.85 zone, recording a 0.8% gain on the day.
USD/JPY technical outlook
"The uptrend has been renewed with the recent break through 100.43 and the outlook is positive, for a rise towards 101.50 major resistance", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support is projected at 100.50 and crucial on the downside is 100.25".