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USD/JPY is eyeing the 100 level

After Friday’s strong gains that pushed the pair above the 96.00 level, the jostling for position between the bulls and bears continue this week with the outlook in the market remaining highly bullish and the 100 level now on the horizon. At 96.19 at the moment of writing, USD/JPY kick started the day on a negative footing and a pullback at this point in time should come as no surprise. As long as the market remains above the critical support level at 94.50, any pullback in the vicinity could be seen as a good opportunity. Key levels for the bulls to watch sit at 96.7 and 97. In the alternative scenario, only a consistent break below 94.50 could delay the current uptrend, but this is hard to imagine at the moment. On the economic data front, things are a little quiet with the US Treasury Budget due for release in the afternoon among the most notable.

Dafni Serdari
Market Analyst
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