Forex: USD/JPY barrels ahead to 88.17/19

FXstreet.com (Barcelona) - The USDJPY rallied forcefully Friday, as risk aversion permeates the markets during European trading. Having jumped nearly 45 pips in recent hours, the cross has now crossed over the 88.00 level and is trading at session highs in 88.17/19 at the time of writing.

Presently, the USDJPY is operating at a rate of +1.02% above it's opening, making it one of today's standout performers. After moving past calculated resistance at 88.07, the pair the will encounter additional means of correction at 88.42 and 89.09. On the pullback or consolidation, supports are located at 87.07 onto 86.41, and eventually 86.06, writes the Mataf.net analyst team.

"At this stage we remain unable to rule out further gains to 89.30 - its 30 year downtrend, where we would expect to see profit taking and a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle." noted Commerzbank analyst Karen Jones.