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USD/JPY consolidates below 100.00

FXstreet.com (Barcelona) - The Japanese yen is extending its upside against its American counterpart on Wednesday, dragging the cross to test session lows around 99.25/30.

“We continue to believe that a credible economic growth strategy is required to support expectations that Abenomics will prove successful at lifting inflation and growth maintaining a weakening bias for the yen”, commented Currency Analyst at BTMU, Lee Hardman, after the speech by PM S.Abe this morning, outlining several measures to boost economic growth.

USD/JPY is now losing 0.79% at 99.27 with the next support at 99.08 (low Jun.5) followed by 98.86 (low Jun.3) and then 98.65 (low May 9). On the upside, a breakout of 100.47 (high Jun.5) would target 100.73 (high Jun.3) and finally 101.00 (psychological level).

USD/CAD jumps to 1.0380

After finding support at intra-day low at 1.0325, the US dollar is currently trading higher against its Canadian counterpart with the USD/CAD jumping around 50 pips in the latest hour to test May 31th highs at 1.0380.
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