Forex: USD/JPY breaks above 95.50

FXstreet.com (Barcelona) - USD/JPY is last at fresh weekly highs 95.71, in the back of Nikkei index again above the 11450 points mark, up +2.13% for the day so far, and last day at office for BoJ governor Shirakawa, who, according to current Japan economy minister Amari: “Shirakawa was a little cautious as BOJ Governor,” reported ForexLive editor Eamonn Sheridan earlier in the session.

Ahead of a bank holiday tomorrow in Japan, USD/JPY has managed not only to fill the weekly opening gap down to fresh 7-day low at 94.04 in early interbank pre-open trading yesterday, but gaining a +1.74% since then. “This market could push higher this week to re-test the resistance near 96.70 before falling lower again,” says Nial Fuller at Learn To Trade The Market. “Hedge funds are currently buying back Yen short positions, mainly against the EUR and the USD,” reports FXWW founder Sean Lee.

Immediate resistance to the upside for USD/JPY shows at current levels as March 12/14 lows, followed by Friday's highs at 96.26, and Thursday's highs at 96.62. To the downside, nearest term support lies at Friday's lows 95.08, followed by Feb 25 highs at 94.57, and yesterday's lows/March 06 highs at 94.11/04.