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.