Forex: USD/JPY breaks above 83.00, hits 8-month high
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USD/JPY
FXstreet.com (Córdoba) - The USDJPY broke above the 82.90/83.00 area, triggering stops and rallying toward a fresh 8-month high as investors adjust positions ahead of the Federal Reserve monetary policy decision.
USDJPY took another step higher and reached its strongest level since Apr 2 at 83.19 before slowing. At time of writing, the cross is trading at the 83.15 zone, 0.8% above its opening price. With the FOMC ahead and the Japanese elections over the weekend, USDJPY has risen over 100 pips this week.
From a technical view, "Immediate upside target lies at 83.26, 02 Apr high, ahead of yearly highs at 84.08/17, posted in March", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Any dips should be contained at 82.50 zone".
USDJPY took another step higher and reached its strongest level since Apr 2 at 83.19 before slowing. At time of writing, the cross is trading at the 83.15 zone, 0.8% above its opening price. With the FOMC ahead and the Japanese elections over the weekend, USDJPY has risen over 100 pips this week.
From a technical view, "Immediate upside target lies at 83.26, 02 Apr high, ahead of yearly highs at 84.08/17, posted in March", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Any dips should be contained at 82.50 zone".
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