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Forex: USD/JPY back above 88.00

By FXstreet.com,  January 04, 2013, 12:29:00 PM EDT

FXstreet.com (Córdoba) - The setback of the dollar versus the yen that followed the release of the US NFP report was contained by the 87.60 area, from where USD/JPY bounced back above the 88.00 mark and heads to retest its 29-month highs scored earlier.

The dollar weakened somewhat versus most competitors after the employment report but remains overall higher. At time of writing, USD/JPY is trading at the 88.20 zone, 1.2% above its opening price. The cross is also on track to close the week with a 2.5% gain, its second in a row.

"In terms of technical levels, supports are seen at 87.47 which is the 61.8% retracement of 2010/11 decline and then the psychologically important 87.00 level", says the Talking-Forex.com team. "On the other hand, resistance levels are seen at 89.00/15 and then at 89.98 which is Jun-24th 2010 high".




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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