Forex: USD/JPY climbs above 84 again

FXstreet.com (Barcelona) - With second largest trade deficit in Japan for last 13 years, and exports not as bad as expected, USDJPY trades at 84.34, 10 pips below weekly opening price after general elections in Japan. Nikkei index keeps marching higher breaking above the 10k points mark for first time since early April, up +1.27% in the first minutes of trading helped on weaker yen, as the currency is weakest of all majors.

As Valeria Bednarik, Chief Analyst at Fxstreet.com notes: "The hourly chart shows distance in between 100 and 200 SMA's still widening below current price, while indicators head north above their midlines after a limited correction towards 83.60 last Monday. In the 4 hours chart technical readings also head north, supporting a continuation towards 85.00," the analyst concludes.

Valeria finds support levels at: 84.15, 83.75 and 83.50, while resistance levels at: 84.45, 84.90 and 85.20.