Forex: USD/JPY establishes session highs

The USD/JPY bolted higher Thursday, cruising to a session high of 96.54 in recent minutes during European trading. As risk appetite grows, the JPY becomes ever more dissatisfying, and the upside for the pair has been palpable recently. However, the cross has eased slightly in these moments, and while still steadfastly operating at +0.36% above its opening, the pair is installed at 96.44/43.

After breaking calculated resistance at 96.26, the USD/JPY will encounter additional means of resistance at 96.54, onto 96.70, and finally the 97.00 barrier. On the downside or regarding a pullback, a break below 95.67 will usher in supportive measures at 95.43 and the 95.00 barrier, writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

“The near-term bulls are returning to play and a break above midlines on the hourly indicators is seen supportive for a renewed attempt towards 96.70 and next target at 97.00.” writes Slobodan Drvenica.