10 Oct 2013
USD/JPY breaks above 98.00
FXstreet.com (Córdoba) - Following a short-lived pullback, the USD/JPY resumed the upside with fresh momentum and broke above the 98.00 mark.
The USD/JPY stretched to a 9-day high of 98.22 underpinned by optimism over a budget deal in the US. At time of writing, USD/JPY is trading at the 98.10 zone, recording a 0.8% gain, with the calendar clear for the rest of the day and focus on US negotiations.
USD/JPY technical perspective
"With stocks also heading higher, the pair may attempt to extend the rally up to 98.60, 100 DMA", says Valeria Bednarik, chief analyst at FXstreet.com. "The hourly chart shows a strong upward momentum with price well above moving averages, supporting an upward continuation in the short term, as long as 97.85 support attracts buyers".
The USD/JPY stretched to a 9-day high of 98.22 underpinned by optimism over a budget deal in the US. At time of writing, USD/JPY is trading at the 98.10 zone, recording a 0.8% gain, with the calendar clear for the rest of the day and focus on US negotiations.
USD/JPY technical perspective
"With stocks also heading higher, the pair may attempt to extend the rally up to 98.60, 100 DMA", says Valeria Bednarik, chief analyst at FXstreet.com. "The hourly chart shows a strong upward momentum with price well above moving averages, supporting an upward continuation in the short term, as long as 97.85 support attracts buyers".