21 Nov 2013
USD/JPY cracks 100.60, new 6-month high
FXstreet.com (Barcelona) - Yen crosses are breaking higher ahead of Europe, with GBP or USD making fresh trend highs, mainly fueled by another vigorous bullish leg in the Nikkei 225 before closing just below 2%.
The index has retained steady bids throughout the session after massive demand at the fix led to a clean breakout of a triangle pattern that had kept trading activity moderately low the last few sessions. The main fundamental element underpinning today's rally was the new Japanese pension fund plan, in which riskier asset reallocation.
The latest bull run has taken USD/JPY into a fresh 6-month high after finally breaking above 100.60 resistance, allowing now further progress until faced with next major hurdle at 101.30/50 - July 8 high -.
The index has retained steady bids throughout the session after massive demand at the fix led to a clean breakout of a triangle pattern that had kept trading activity moderately low the last few sessions. The main fundamental element underpinning today's rally was the new Japanese pension fund plan, in which riskier asset reallocation.
The latest bull run has taken USD/JPY into a fresh 6-month high after finally breaking above 100.60 resistance, allowing now further progress until faced with next major hurdle at 101.30/50 - July 8 high -.