Forex: USD/JPY approaches 90.00 after US PMI
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USD/JPY
FXstreet.com (Córdoba) - The dollar extended gains versus the yen and continues to move toward the 90.00 level after the latest string of US data came in better-than-expected. Not only US jobless claims fell to a 5-year low, but the Markit PMI rose to 56.1 in December, exceeding expectations.
USDJPY extended gains toward a fresh 2-day high of 89.89 and it is currently trading at the 89.75 zone, recording a 1.3% rise on the day.
"The hourly chart shows price accelerating higher back above 100 and 200 SMA's, while indicators head north in overbought territory", says Valeria Bednarik, chief analyst at FXstreet.com. "Bigger time frames, show downside corrections are over, as indicators also regain the upside supporting a break above 90.00 and further gains up to 92.50 for upcoming weeks".
USDJPY extended gains toward a fresh 2-day high of 89.89 and it is currently trading at the 89.75 zone, recording a 1.3% rise on the day.
"The hourly chart shows price accelerating higher back above 100 and 200 SMA's, while indicators head north in overbought territory", says Valeria Bednarik, chief analyst at FXstreet.com. "Bigger time frames, show downside corrections are over, as indicators also regain the upside supporting a break above 90.00 and further gains up to 92.50 for upcoming weeks".
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