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Forex: USD/JPY nears 78.80 resistance

By FXstreet.com,  August 07, 2012, 11:41:00 AM EDT

FXstreet.com (Córdoba) - The dollar continues to push higher versus the yen, underpinned by a surge in US yields, having reached its highest level since last Friday when the NFP report lifter the cross toward 78.76.

USD/JPY climbed over half a cent throughout the day and recently hit a high of 78.72 before easing slightly. At time of writing, the pair is trading around 78.65/70, recording a 0.6% rise on the day.

From a technical perspective, "The hourly chart shows a strong upward momentum, that will be tested once 78.80 static resistance level is reached; a clear break above, should point for an acceleration higher that may extend near 79.10/20 price zone", says Valeria Bednarik, analyst at FXstreet.com. "In the 4 hours chart indicators also turned higher, while price stands above 20 and 100 SMA's supporting the shorter term view".




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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