Forex: USD/JPY: upside exposed toward 90.00 – V.Bednarik

FXstreet.com (San Francisco) - USDJPY hit a fresh 31-month high today in Asia on recent comments from Japanese PM Abe, saying that a "bold policy leader" is needed to next lead the BOJ. Last quoted at 89.45, spot trades an 89.23-89.65 range intraday.

Technically speaking, Valeria Bednarik, Chief Analyst at FXstreet.com says that so long as USDJPY stays above the 89.30/40 area "the upside is exposed up to key 90.00 area today," she explains in a research note. "Bigger time frames are pointing for a continuation towards 92.50, next strong midterm resistance area." Above 90.00, Bednarik also says that there may be selling interest around 90.30 before moving onward. Support levels lie at 89.35, 89.00 and 88.70.

Financial markets are closed today in Japan so volatility may be thin in the hours ahead.