Forex: USD/JPY prints yet another fresh high above 95.20

Following Chinese trade balance figure recently released, showing a trade surplus when a deficit was expected, on the back of massive exports and quite bad imports, USD/JPY has broken to fresher highs last at 95.22, highest since Aug 2009. Nikkei in the other hand rises above the 12200 points, highest since Sept 2008, up +2.11% for the day so far.

“The USD/JPY in the weekly chart looks like a raging bull, continuing to plow upwards even with the RSI in extremely overbought levels,” says CMT and FXstreet.com Independent Analyst Fan Yang, adding: “At this point a break below 93.00 is needed to neutralize the bullish outlook,” he notes, while “The next key resistance might be around the 100 handle and around the 2009 highs,” the analyst concludes.

Immediate resistance to the upside for USD/JPY shows at March 28 2009 lows 95.60, followed by July 01 2009 highs at 96.14, while to the downside, closest support level lies at previous 2013 highs yesterday 95.10, followed by Feb 24 highs at 94.55.