USD/JPY Hits New Weekly Highs, 109.00 Eyed
USD/JPY
continues its relentless move north, now breaking above yesterday's
high at 108.60, resulting on new highs reached at 108.78, as the Nikkei
225 soars, last +1.43%.
Yen the weakest, Yen intervention warnings continue
The
Japanese Yen is, together with the Australian Dollar, the weakest
currency in FX this week, with a return of 'risk on' flows benefits the
yen crosses complex.
While the Yen is weakening this week, Japan
Finance Minister Aso gave yet another warning to market speculators
earlier today, noting that Japan will intervene in FX market if moves
are one-sided, Reuters reported. While no specifics in timing nor in
level, the rhetoric is certainly being stepped up.
USD/JPY key levels
The
next key level for USD/JPY comes at 109.00 round number, ahead of
109.30 (former support level on April 21st) ahead of 109.50 mid round
number. On the downside, 108.60/50 becomes immediate support now, ahead
of 108.30 (sequence of lows late US Monday), followed by 108.00 round
number.
