USD/JPY Hits 95 – Guide to the next high levels

6

USD/JPY finally touched the magical round number of 95 that was eyed by many. After peaking at 95.09, the pair immediately retreated below 95 and is now flirting with this figure once again.USD JPY Makes move above 95 highest since 2009 on March 7 2013

The ongoing improvement in the US and mostly the expectations from the new BOJ governor push the pair higher. Will we see a continuation?

Here is the recent technical analysis from James Chen: USD/JPY Hits New Long-Term High for Potential Uptrend Continuation.

The 95 level was cited by quite a few Japanese officials as a target, or as part of a range: 90 to 95 or 95 to 100. This is the highest level since August 2009 – a 42 month high.

What’s next?

If the break is confirmed, the next level is minor: 95.88, which was a peak in mid-2009. Above this line, 97.80 was a swing high in 2009 and serves as important resistance.

98.90 was a peak in June 2009 and is also strong. It’s followed by 99.60, just before the even rounder number of 100: another digit for the pair.

On the downside, the previous high of 94.46 serves as support, followed by 93.84. For more levels and analysis, see the USDJPY forecast.

The BOJ just made its last rate decision under the old regime of Shirakawa. The next decision will already be made by Koruda, which will begin his term as BOJ governor on March 19th, if there aren’t any major surprises.

Japan still needs to attach deeds to words. Otherwise the pair could drop quickly on any new risk event, as we’ve seen with the Italian elections.

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

6 Comments

  1. Pingback: USD/JPY Hits 95 – Guide to the next high levels |

  2. Pingback: USD/JPY Hits 95 – Guide to the next high levels | Forex Crunch | Merolog Web Host

  3. Pingback: USD/JPY pushes higher – will it see profit taking on the Non-Farm Payrolls? | Forex Crunch

  4. Pingback: NFP: stocks could continue higher on any outcome, EUR seems limited | Forex Crunch

  5. Pingback: USD/JPY pushes higher – will it see profit taking on … | Forex

  6. Pingback: USD/JPY Outlook March 11-15 | Forex Crunch