Forex: USD/JPY sprints to session highs 98.70 on Aso's comments at the G-20

FXstreet.com (Barcelona) - USD/JPY has spiked to the upside last at fresh session and weekly highs 98.69 from session lows at 98.10, on the back of Japan Fin Min Aso comments at the G20 meeting saying “no-one opposed Japan’s policies” at the meeting, and that “IMF's Lagarde applauded Japan's monetary policy,” ForexLive editor Eamonn Sheridan reported. The pair is up +0.30% for the session, while Nikkei index is +0.61%.

According to FXWW founder Sean Lee: “Comments from Japanese FinMin Aso have accelerated the buying in the Yen crosses but USD/JPY is expected to run into some heavy selling from real-money accounts above 98.60,” the analyst notes. The pair is currently at 98.54, retracing from mentioned fresh session highs, printed at about the same level than previous Monday's highs.

Immediate resistance to the upside for USD/JPY shows at mentioned recent weekly highs 98.69/71, followed by April 10 lows at 98.93, and April 11 lows at 99.10. To the downside, closest support lies at Wednesday's highs 98.43, followed by recent session lows at 98.10, and yesterday's lows at 97.62.