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FXstreet.com (Barcelona) - While gold remained steady around $ 1500/oz and stocks soared across the world, the USD/JPY found an opportunity to extend gains to 81.26 monthly high. Current price has retreated towards 81.00 in Asia.

However, as Valeria Bednarik, Chief Analyst at FXstreet.com, says: "The upside remains pretty much limited in the cross, and limited daily ranges persist. Above mentioned high, pair may find resistance at 81.70, 100 DMA, followed later by 82.30 area, 200 DMA."

Valeria adds: "Only a clear break above this last 82.30 could favor further midterm gains in the cross. 4 hours indicators however, are losing earlier momentum and turning lower: below 81.00, pair may retest the 80.40/60 price zone over the upcoming sessions."

On the fundametal front, Japan's Prime Minister Naoto Kan annonced yesterday his intensions to win passage of three bills responding to the earthquake and nuclear crisis before stepping down. "The three bills would approve 1) his second disaster recovery package, 2) the sale of deficit-covering bonds, and 3) a renewable energy bill" said Kathy Lien, Director of Currency Research at GFT.

Support levels: 81.05 80.80 80.40, Resistance levels: 81.40 81.80 82.30

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