Forex: USD/JPY continues march higher

FXstreet.com (Barcelona) - USDJPY has continued to march on this afternoon and has posted a high since August 13th 2009.

Spot found an element of resistance at classic R1 at 86.04 and is struggling to push on higher. This afternoon has seen the fulfilment of the US calendar after some mixed and uneventful European numbers. US Initial Jobless Claims came in better than anticipated at 350k/365K, Continuing Claims disappointed forecasts at 3.206M/3.200M. Consumer confidence slid to 65.1/70.3 and New Home Sales fell to 0.377M/0.378M expected. Richard lee, independent analyst for Fxstreet.com feels that the 86-86.25 level is one of stiff resistance and rejection should see a move lower into the year end.