FXstreet.com (Barcelona) - The USD/JPY is strengthening today as the better than expected US GDP in Q2 deems chances of QE3. The higher US consumer sentiment by Reuters/Michigan at 72.3 in July also shows improving signs.
Friday’s range of the USD/JPY sums up to 52 pips, from 78.07 low to 78.59 current high. The pair is at a strong rally, not seen frequently in recent times. The 78.00 psychological level is proving to be of strong support for the pair.
“Short term support comes at 78.30, where the pair halted to the upside several times over the last few days; as long as above this last, current rally could extend near 78.80 before the day is over”, wrote Windsor Brokers analyst Slobodan Drvenica.
Friday’s range of the USD/JPY sums up to 52 pips, from 78.07 low to 78.59 current high. The pair is at a strong rally, not seen frequently in recent times. The 78.00 psychological level is proving to be of strong support for the pair.
“Short term support comes at 78.30, where the pair halted to the upside several times over the last few days; as long as above this last, current rally could extend near 78.80 before the day is over”, wrote Windsor Brokers analyst Slobodan Drvenica.
