All hell broke loose in the American session, as the USD/JPY finally breached the 100.00 mark. The dollar is strongly up against its rivals, in a series or reason now easy to explain but hard to foresee a couple hours ago: US yields rose over the last few days, establishing earlier today above the 1.80% mark, employment figures weekly basis continue to improve, and finally, jawboning from FED members over the end of QE for this year.
But don’t get confused, it was USD/JPY the trigger of greenback strength, dragging with it the rest of the majors in a wild spree. At the time being, the USD/JPY trades above 100.70, establishing a fresh high since May 2009, and with no aims of retreating any. Market players are now eyeing 101.44, April 2009 monthly high, and dips towards 99.70/100.00 if any, will be seen as strong buying opportunities, although be aware, pullbacks are highly unlikely in yen crosses.
Valeria Bednarik was key speaker at the FXStreet International Traders Conference in October 2009 - Barcelona.
Valeria Bednarik has been an active trader since 2003, specializing in the International Foreign Exchange Market.
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