Forex: USD/JPY at 7-month highs

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FXstreet.com (Córdoba) - The US dollar reached a fresh 7-month high against the yen despite the risk-off mood as expectations the Japanese main opposition party ( LDP ) will win the Dec 16 election, and support further BoJ easing, continue to weigh on the JPY.

USD/JPY broke above the 81.60 zone during the NY session and stretched to a peak of 81.75 before settling in a slim range just below. At time of writing, USD/JPY is trading at the 81.65 zone, where it posts a 0.3% gain on the day.

According to Richard Lee, analyst at FXstreet.com, prospects are bullish for a continuation and the notion has been reinforced by the recent break of resistance at 81.50. "The recent surge has also gained above the longer term 94.97-84.17 descending trendline, prompting a likely test of 84.00 in the medium term", said the analyst.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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