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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY has popped up yet again, claiming new 4-month highs at 101.25 (still going), on the back of a key breakout day on Thursday, when the pair managed to find steady bids to close above key 100.60 resistance on the daily.

Option barriers in focus

According to Haruya Ida, Analyst at IFR Markets: "Option barriers at 100.50, 101.00 pierced on way, more at 101.50, 102.00", adding that there are "plenty of large nearby vanillas also go off today–100.60, 100.65, 101.00."

USD/JPY dips likely to attract buying participation

Since USD/JPY is enjoying such a strong bullish momentum, participants are so far using the hourly tenkan as a guide commanding the prices higher. While there is risk for a retracement, any shallow dip looks likely to be bought up, although much of the moves for the Asian session will be, as usual, determined by the Nikkei, which looks set to extend gains this Friday.
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