DowntownForex

USD/JPY- Dollar rises above 97.75

By FXSTREET- The Dollar is picking up strength against the Yen and recovery from 97.10 intra-week low in Asian session has extended as the pair managed to break above 97.70 Asian session top.

Above 97.70, next resistance levels lie at 97.90/00, where the ppair stands at the moment, and above here, 98.25/30 and 98.75. On the downside, initial support lies at 97.25, and below there,intra-day low 97.00, and 96.40 (Jun 5 low).

According to the Daily FX Research Team, the pair has broken short-term resistance line and we could see further upside move: “The break of shorter-term trend-line resistance off of the 2009 highs on Friday likely opens the door to additional upside over the medium-term, with any setbacks now seen well supported on dips to 97.25, which acts as previous resistance now turned support. Look for a higher low to carve out in the lower 97.00’s ahead of fresh upside over the coming days back above 98.90 and towards the more critical falling trend-line resistance just over 100.00.”

• USD/JPY

USD/JPY (Jun 10 at 13:15 GMT)

97.95/98 (0.56%)

H 98.13 L 97.06

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