FXstreet.com (Barcelona) - The USD has reached past Feb 17 high at 92.80 on early U.S. session to levels not seen since early January, on a positive market reaction to U.S. attempts to revive economy.

According to Kathy Lien, director of currency research at GFT optimism about U.S. plans to revive economy are the reason behind USD/JPY rally: The rally in USD/JPY represents the market's optimism about the US' initiatives to stabilize the economy while the backward looking housing market data is only confirming the obvious. The total value of the program is larger than earlier estimates and will help up to 9 million Americans refinance mortgages and avoid foreclosure.

At the moment, USD/JPY is trading around 93.50; if support at 92.80/90 area holds, a rally towards 94.65 January 6 high could be seen in the mid term.