USD/JPY catapults above 97.00 level ahead oh BoJ

FXstreet.com (New York) - The USD/JPY foreign exchange rate sailed to fresh highs during Asian trading Tuesday, moving past the 97.00 level and cruising above it in recent minutes.

With the BoJ minutes on tap later tonight at 23:50 GMT, the USD/JPY has retreated slightly off its highs at 97.16, presently securing a gain of +0.15% above its opening. Briefing the technicals, the USD/JPY already broke resistance at 96.92 (August 9 high), and will now look to test 97.07 (June 25 low), onto 97.35 (June 26 low), and 97.59 (August 6 low)

USD/JPY strategic bias

According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY is trading at session highs, operating in Asia with a more positive tone – the hourly chart shows indicators aiming higher above their midlines, while current candle opened above a still bearish 100 SMA. Far from signaling a strong come back, current recovery will likely face some selling interest in the 97.20/60 price zone. All eyes today will turn to BOJ Minutes and the Central Bank governor’s words on taxes.”