Dollar storms to 101 yen, highest in 4 yrs, analysts see further upside

 

The dollar extended its relentless rally against the Japanese currency on Friday to break above 101 to its highest since April 2009, after signs that Japanese investors are buying more foreign assets provided yet another reason to sell yen.

The dollar last bought 101.03 yen on the EBS trading platform, after scaling to 101.20. Traders said it now faces little resistance after a swathe of stops below 100 were taken out, clearing the way for the next target of 101.45, a level not seen since October 2008.

The greenback was spurred on past the psychologically important 100 yen level on Thursday after encouraging U.S. labour data and renewed debate by officials at the U.S. Federal Reserve about scaling back its asset purchases.

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Already talks about 104-105