Forex: USD/JPY nears 78.80 resistance
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USD/JPY
FXstreet.com (Córdoba) - The dollar continues to push higher versus the yen, underpinned by a surge in US yields, having reached its highest level since last Friday when the NFP report lifter the cross toward 78.76.
USDJPY climbed over half a cent throughout the day and recently hit a high of 78.72 before easing slightly. At time of writing, the pair is trading around 78.65/70, recording a 0.6% rise on the day.
From a technical perspective, "The hourly chart shows a strong upward momentum, that will be tested once 78.80 static resistance level is reached; a clear break above, should point for an acceleration higher that may extend near 79.10/20 price zone", says Valeria Bednarik, analyst at FXstreet.com. "In the 4 hours chart indicators also turned higher, while price stands above 20 and 100 SMA's supporting the shorter term view".
USDJPY climbed over half a cent throughout the day and recently hit a high of 78.72 before easing slightly. At time of writing, the pair is trading around 78.65/70, recording a 0.6% rise on the day.
From a technical perspective, "The hourly chart shows a strong upward momentum, that will be tested once 78.80 static resistance level is reached; a clear break above, should point for an acceleration higher that may extend near 79.10/20 price zone", says Valeria Bednarik, analyst at FXstreet.com. "In the 4 hours chart indicators also turned higher, while price stands above 20 and 100 SMA's supporting the shorter term view".
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