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Forex pairs in this Article » USD/JPY (London) - USD/JPY has opened the European session testing through 100.00 to the upside once again post the ruling LDP-New Komeito victory yesterday.

USD/JPY’s reaction has been somewhat muted, but the gap in the charts sub 100.00 has seen the European session attracted to the area as a buying opportunity. “The government is now in control of both parliamentary chambers, and so the stage is set for fresh fiscal initiatives combined with the introduction of longer-term growth-enhancing structural reforms” – source, UBS FX Strategy, Gareth Berry.

USD/JPY capped

USD/JPY has been capped ahead of 100.87 last week and acts as a key target and resistance area before 101.60, the 78.6% retracement. Should failures to the upside continue and price action minimised to this current range, the base of the cloud at circa 97.92/93 could be tested again.
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