FXstreet.com (Jakarta) - The USD/JPY rose on surging stock markets and improving risk appetite. Japan's machinery orders unexpectedly rose and Japan announced a larger-than-expected stimulus plan. The Nikkei rallied 3.7% on a report that the government may use some of the new stimulus package to buy stocks.
After breaking last year's downtrend, the USD/JPY is currently in a strong uptrend and an upward sloping trading channel, said Hans Nilsson, analyst at CMS Forex. The pair found support from its lower band today. There are resistance in the 102 area and support in the 99 area.
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