Forex: USD/JPY shrugs off early weakness, finishes sharply higher

FXstreet.com (Barcelona) - The USD/JPY finished the day sharply higher, up 63 pips at 97.90. Initially the pair had traded lower during the Asia session, but support at 97.00 held firm and the pair shot higher (at point as high as 98.40) after the ECB Press Conference. Economic data will be quiet this evening as Japan is closed for holiday. However, expect volatility to pick up during the US Session when the US Unemployment Data is released at 12:30GMT.

According to Val Bednarik of FXStreet.com, "Having been as high as 98.38, the USD/JPY finally settle around the 98.00 level, maintaining a pretty positive stance despite the risk off environment. The hourly chart shows indicators retracing from overbought levels, but price steady in between 100 and 20 SMA’s, with the first offering dynamic support now around 97.20. In bigger time frames, the pair maintains the neutral stance seen on previous updates, with no clues on direction. US employment data may help the pair define a clearer trend with 97.20 and 98.40 as the extremes to break."