FXstreet.com (Barcelona) - The USD/JPY continued to recover from sharp sell-offs following Wednesday's Fed announcement that it will use its balance sheet to further ease monetary policy. The yen was pressured today by increased risk appetite as risky assets rallied worldwide.
The EUR/JPY has already broken important resistance, and the GBP/JPY, AUD/JPY, CAD/JPY and CHF/JPY are at import resistance levels. We believe these levels will be broken and the yen will continue to fall, said Hans Nilsson, analyst at CMS Forex.
The USD/JPY is at the 98-handle resistance and the stock market measured by S&P 500 is at resistance in the 820s. Some consolidation is probable.