USD/JPY approaching 80.00

FXstreet.com (Barcelona) - The USD/JPY is breaching above the 79.85 resistance line in the NY session as it rises to 79.90 area on its way to the psychological level at 80.00. The pair was capped at 79.99 on Friday and at 79.97 on Monday.

Meanwhile, IMF’s Lagarde calls for QE3 in the US against the economic slowdown seen in the contracting ISM manufacturing PMI.

“We note that USD/JPY was largely unaffected by the EU summit outcome last week which suggests it is still being subject to safe haven flows. This suggests that there is still a potential for further downside”, wrote MIG Bank analysts Bijoy Kar and Ron William.

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