13 Dec 2013
USD/JPY sets fresh 2013 highs
FXstreet.com (Bali) - Tokyo came back from lunch on a much firmer 'risk on' tone, leading the Nikkei to surge almost 1%, dragging Yen crosses higher too.
After an early break of 103.50 barrier, where some sizeable stops went off, and following some consolidation near highs, the USD/JPY has launched another attack towards 103.70 year highs. As the momentum indicators stand, it looks a matter of minutes until new highs for the year are confirmed.
As Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "In the hourly chart, technical readings present a strong upward momentum with 100 SMA providing support now around 102.90. In the 4 hours chart, technical readings also favor further recoveries, with all eyes on 103.70 year high, and a huge bunch of stops probably above it."
After an early break of 103.50 barrier, where some sizeable stops went off, and following some consolidation near highs, the USD/JPY has launched another attack towards 103.70 year highs. As the momentum indicators stand, it looks a matter of minutes until new highs for the year are confirmed.
As Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "In the hourly chart, technical readings present a strong upward momentum with 100 SMA providing support now around 102.90. In the 4 hours chart, technical readings also favor further recoveries, with all eyes on 103.70 year high, and a huge bunch of stops probably above it."