Forex: USD/JPY – 7% up in the past three weeks

on Jul 8, 2013
Listen Monday July 08th_: Late last week – a third consecutive week of gains, totalling seven percent – the pair ascended by two percent to again push above the 100.00 psychological level. In early European trading today, the price is holding at around 101.35, with an intraday low at 100.92 and the high so far at 101.48.

Should the price break through the 103.73 high, the pair would be on course to target the 61.8 percent Fibo extension of 77.12 to 103.73 movement, which has retraced to 93.77. The 61.8 percent extension level lies at 110.05, which is close to the medium term target of 110.66.
Resistances today: 101.35, 101.55 and 102.10.
Supports: 100.70, 100.45 and 100.00/99.90.



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