USD/JPY breaks above 102.50, paves way to 103.70 target

FXstreet.com (Barcelona) - USD/JPY has broken above the stiff 102.25/35 resistance, causing a spike in prices towards 102.55/60 as the Japanese Nikkei 225 index erases early losses and jumps into marginal positive territory at present.

USD/JPY technical view

Earlier on, Valeria Bednarik, Chief Analyst at FXstreet.com, said that "steady gains above 102.50 should point for a retest of the year high of 103.70." On the downside, expect pullbacks to be well supported by 102.25/35 old resistance.