Forex: USD/JPY above 94.00 fueled on Yen weakness

The USD/JPY is currently trading at 94.33, off fresh 33-month highs at 94.47, up +1.75% for the week so far in a single, day characterized by the Chinese New Year. Markets were closed yesterday in Japan and China, while today Hong-Kong and Singapore will keep on closed. Nikkei index opened to the upside above the 11400 points mark, higher by +2.37%.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows momentum heading strongly up while price corrects slightly lower, although with the pair now above 94.00, late buyers may jump in around this last,” suggest Valeria, adding: “In the 4 hours chart technical indicators show a strong upward momentum, supporting the shorter term view,” she concludes.

Support levels are located by the analyst at: 94.05, 93.70 and 93.30, while resistance levels at: 94.45, 94.80 and 95.10.