Dollar surges to new 24-year high vs yen
The USDJPY extends fresh and steep acceleration into third straight day and hit new 24-year high on Wednesday.
The dollar continues to rise across the board, driven by high expectations for another aggressive Fed hike this month and continuous flow into safety on growing global economic uncertainty.
Firmly bullish technical studies add to positive outlook, with last week’s close above psychological 140 barrier and subsequent acceleration higher \(the pair was up 3% since Monday opening), reinforcing bullish signals.
Bulls eye immediate target at 144.90 (July 1998 high), with August 1998 peak (147.68) coming in focus.
Corrective dips on overbought conditions are expected to provide better buying opportunities and should find ground above 140 zone (daily Tenkan-sen / psychological).
Res: 144.90; 146.26; 147.00; 147.68
Sup: 142.67; 142.00; 141.64; 140.33