USD/JPY rises above 101.70

FXStreet (Córdoba) - After Wall Street opening and despite US economic data the USD/JPY rose further and reached at 101.84 a fresh daily high. Price remains near the highs above 101.70, at the same price level it closed yesterday and 15 pips below where it was last Friday.

The Yen weakened across the board in the last hours and trimmed weekly gains while the US dollar lost momentum versus European currencies.

USD/JPY technical outlook

The pair broke above a short term downside trendline, improving the outlook for the US dollar. But to the upside is facing strong resistance around 102.00. To the downside, if the price falls back under 101.60/40, it could be back under pressure.