FXstreet.com (Barcelona) - The USD/JPY rose to a 3-month high supported by increased risk appetite and Japan's deteriorating economic and political outlooks. Japanese finance minister Kaoro Yosano said Japan was looking at buying stocks and other methods to support the Japanese share market, as the falling asset prices are weakening Japan's financial institutions' balance sheets.
The USD/JPY has rallied to the 97-area resistance with its overbought condition, possibly requiring consolidating gains before moving higher.
However -said Hans Nilsson, analyst at CMS Forex- the trend is positive and we may add to our long position on weakness. There is support in the 92-93 area.