FXstreet.com (Barcelona) - USD/JPY has risen 0,30% from the 99.70 opening price, with around 70 pips last hour, to test the 100.00 level again. Currently, the pair is trading around 99.90/100.00.
Yesterday, USD/JPY rose 1.18% from the opening price at 98.55, reaching 98.40 as lowest and 9990 as highest, to close at 99.70.
According to the Varengold Bank Research Team, the JPY falls against the USD on reducing demand for Japan's currency as a refuge: On March 27th the Bollinger Bands narrowed to a bottleneck and suggested a trend reversal, which at least began on Monday as a bullish trend-channel. The USD/JPY crossed its resistance at 98.97 and the 100 level. If the pair will cross the upper Bollinger Bands as well, it could be a further boost for the bullish trend. On the other hand, the RSI indicator shows a over bought price and therefore there is a risk for taking profit.