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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY ran hard to the upside Thursday after consolidating for several days. While any such frenzied breakout seems bullish, critical overhead resistance looms at levels just above today’s close.

USD/JPY traders waiting for BOJ survey in several hours; light US day

USD/JPY traders will be watching the release and reaction surrounding the Bank of Japan’s Monthly Economic Survey at 05:00 GMT. That, along with the attitude toward the Yen as the flight from safety trade is en vogue, will drive the action Friday as there are no key data points due out of the US Friday.

Technical outlook for USD/JPY

Technicians are saying the USD/JPY faces key macro resistance at 101.46 (to possibly 101.53). Any close above that will squeeze the bears even more than they were squeezed Thursday. The next resistance / target if 101.53 falls is the Fibonacci-generated 103.29. Support for the cross comes in at last Friday’s close at 100.17 and is followed uo by Tuesday’s low of 99.56.
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