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11 Feb 2014
USD/JPY reaches fresh daily highs
FXStreet (Córdoba) - The USD/JPY picked up momentum and climbed to daily highs during the European session as risk sentiment improved somewhat.
The USD/JPY climbed to a day high of 102.46 following a consolidative phase above 102.00, and continues to hover near yesterday's peak of 102.64. The USD/JPY is currently trading at the 102.40 zone, recording a 0.2% gain Tuesday ahead of congressional testimony by new Federal Reserve chief Janet Yellen.
USD/JPY technical perspective
"After closing the gap and making a short downward correction yesterday, USD/JPY found support in the face of the 100-day SMA and the 38.2% Fibonacci retracement level of the November-December rally", said the Dukascopy Bank Team. "Accordingly, the currency pair is now set to advance further from 102.04/101.96, with the next important target at 103.04, represented by the monthly pivot point".
The USD/JPY climbed to a day high of 102.46 following a consolidative phase above 102.00, and continues to hover near yesterday's peak of 102.64. The USD/JPY is currently trading at the 102.40 zone, recording a 0.2% gain Tuesday ahead of congressional testimony by new Federal Reserve chief Janet Yellen.
USD/JPY technical perspective
"After closing the gap and making a short downward correction yesterday, USD/JPY found support in the face of the 100-day SMA and the 38.2% Fibonacci retracement level of the November-December rally", said the Dukascopy Bank Team. "Accordingly, the currency pair is now set to advance further from 102.04/101.96, with the next important target at 103.04, represented by the monthly pivot point".