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Forex: USD/JPY: Dollar rallies right below 100.00 resistance level; Yen crosses slump
Wed, Mar 4 2009, 09:00 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) – The Japanese Yen is going through a sharp slump on the back of the gloomy outlook of the Japanese economy which is showing signs of suffering a serious impact from the global economic criss; Yen crosses are soaring and the Dollar crawls towards 100 for the first time in four months.
The USD/JPY has posted a sudden 100 pips rally from 98.40 tpo a maximum level of 99.40 before, past resistance level at 98.60/75 area; the Dollar has set a fresh 4 month high and advances towards 99.70 (Oct 28 high) and then the 100.00 psychological resistance level. It has to be said, nevertheless that the Dollar is strongly overbought on daily and hourly charts, and a setback towards 98.00 or a sharper correction move should be taken into account.
The EUR/JPY has also rallied , ahead of the ECB monetary policy meeting, the Euro has broken 124.00 resistance and is struggling to remain above there in order to set an assault towards the Feb 27 high at 124.71.
The GBP/JPY is also rallying, past March 3 high at 138.70 and above 139.52, the pair advances towards Feb 26 high at 140.65.
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