Forex: USD/JPY spikes to 89.28 high on Japan's current account

FXstreet.com (Barcelona) - The USDJPY just went ballistic, enjoying yet another spike to fresh highs at 89.28. Japan current account was the catalyst of the latest bull run, after the country showed the first deficit since January 2012, which came in at ¥-222.4B in Nov vs ¥-3.5B expected (vs 376.9B in Oct). Earlier in Asia, 88.50 was overcome after Abe crossed the wires noting that BOJ should consider targeting employment as monetary policy goal. He also said that the 2% inflation should be achieved s/t.

As Valeria Bednarik, chief analyst at FXstreet.com, notes: "The USDJPY extended its bullish trend regardless top calls and extreme overbought readings reached last week, reaching today already 89.03. While the hourly chart supports more gains, and lacks signs of retracements, there is a strong static resistance level around 89.30/40, from where the pair may retrace if reached. Still dips are seen as buying opportunities and if the level is finally taken, next big target comes at 92.50 price zone."