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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY is trading in an upbeat tone on Wednesday, trimming recent losses and following the positive momentum of the greenback.

Abenomics, USD lifting the USD/JPY

Increased risk aversion plus the inaction of the BoJ favoured yesterday’s sharp appreciation of the yen. In the view of Derek Halpenny, Strategist at BTMU, “USD/JPY is at the mercy of general risk appetite and further volatility in emerging markets that reduces risk appetite further could see the yen strengthen again. It is notable though that authorities do appear to now be making greater efforts to stabilise FX markets”.

USD/JPY key levels

The pair is now gaining 0.74% at 96.71 with the next resistance at 97.03 (high Jun.12) followed by 97.28 (cloud top) and then 97.30 (high Jun.11). On the flip side, a breach of 95.95 (low Jun.12) would expose 95.59 (low Jun.11) and then 95.43 (cloud base).
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