USD/JPY: Poised to re-test the year high at 105.76

The USD/JPY pair trades in the 105.30 price zone, not far from a fresh four-day high. According to FXStreet’s Chief Analyst Valeria Bednarik, risk-on favors an advance towards 105.80.

Key quotes

“The week started with the market in risk-on mood, with the greenback pressured against high-yielding rivals but advancing against safe-haven ones.”

“Japan published the preliminary estimate of its Q4 Gross Domestic Product. According to the official report, the economy grew 3% in the three months to December, beating the 2.3% expected. The annual growth hit 12.7%, also better than anticipated.”

“The pair has intermediate resistance around 105.40, en route to the year’s high at 105.76.”