Forex: USD/JPY eases off session highs to 88.23/24

The USD/JPY has steadily climbed since the overnight session, peaking briefly at 88.33 recently during European trading. Risk appetite in part has fuelled the pair, though investors are keyed in to several high profile decisions today, including the BoE Interest rate decision at 12:00 GMT and the ECB Monetary Policy Rate Decision at 12:45 GMT.

At the time of writing, the pair has recorded a gain of 88.23/24, rising +0.40% above its opening level, making it one of the strongest performing pairs this morning.

According to the Ace Trader Team, “Yesterday's rally strongly suggests the correction from the peak at 88.44 has ended at 86.83 (yesterday's Australian morning low) as an upside bias is seen for a resumption of an uptrend from October's record low of 75.32. Moreover we see scope for further gain towards 88.82 later today or tomorrow.”

Briefing the technical levels, the technical team at calculates the next resistances to trigger at 88.52, onto 89.91, and ultimately 89.61. Should the pair be sapped of momentum, the USD/JPY is slated to face short-term calculated support at 87.44, then 86.74, and finally 86.36.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.