FXstreet.com (London) - USD/JPY is holding up above 101.00, offering a key base for the week ahead.
USD/JPY has reached a high in this morning’s trade of 101.38. Since then, the pair have edged away towards the handle before finding support and taking a walk back to the 101.20’s. The market has been more stable after least weeks, turbulence. Ahead of BoJ, Fed minutes and second tier US data releases coming up later on in the week.
USD/JPY to challenge topside
Karen Jones, Chief Analyst at Commerzbank, said USD/JPY is eroding the top of the 101.17 cloud, and also the previous uptrend, which now acts as resistance at 101.53. This suggests to her that there is unfinished business on the topside and suggest that the 103.74 May high will be challenged.
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