USD/JPY rose to 98.00

USD/JPY has left support at 93.55 untouched. The pair’s rising for the fourth day in a row. Today it managed to return inside the daily Ichimoku Cloud which was breached to the downside last week.

To prove their powers the bulls should make the pair hold above 97.65 (the bottom of the Cloud). In the short-term we’ll remain hopeful for further recovery as long as USD/JPY is staying above 96.00. There is also support at 97.40 and 96.70. Resistance lies at 98.28 (today’s high), 98.75 (50% of the decline from the May highs) and 99.35.

The greenback strengthened as the Federal Reserve has signaled that it may start tapering bond purchases this year. Today watch US unemployment claims (12:30 GMT), flash manufacturing PMI (13:00 GMT) and existing home sales (14:00 GMT). The Bank of Japan’s governor Kuroda will speak tomorrow at 06:35 GMT.    

Chart. Daily USD/JPY

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