Yen falls to 5 months low versus Dollar

The USDJPY has eventually broken clearly above its main  resistance level 100, advancing this Monday  towards 101. The Yen demonstrated weakness against all other major currencies with EURJPY and GBPJPY also breaching the highest levels seen in the last six months.

Besides the Japanese Yen, most major currencies have the upper hand over the Dollar with GBPUSD almost touching 1.5 on early trading hours.   EURUSD trading back around 1.35, with the next resistance level still hovering around 1.3740.

The overall sentiment in the market is clear – risk appetite is at its highest levels since  black September ‘08.
The positive recovery of stock indexes, such as the Dow and the S&P,  during last month did serve as a catalyst for Forex traders to abandon their safe haven positions in favor of a more optimistic position basket.

This week we expect limited volatility in comparison to last week due to Easter holidays.

Z.Georgi

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