Forex: USD/JPY through 102.00 the figure

FXstreet.com (London) - USD/JPY has opened in London through 102.20 as traders took it through the level after yesterdays European close.

Traders took the pair to fresh 4.5 yearly highs on high USD demand before it topped out at 102.48 by the US close where it met heavy resistance. There is plenty of sentiment in the market for higher levels yet to be seen for this pair, with a great deal of focus and bullish commentary and the fundamentals are broadly fuelling the dollar. Technically, chart formations and indicators are also supporting the pair showing momentum. A bullish flag is apparent, mirroring the same flag formations earlier on in the month and April, with head and shoulders concluded, the trend line is very well placed with distances separating between SMA 100 and 200. Support would be 102.00 the figure and 101.60 to the downside, opposing resistance at the multiple yearly highs of 102.40/50, 102.90 and 103.30/40 seen thereafter. Trend line targets 105.00 and is supported above 100.00.