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USD/JPY Breaks Ellusive ¥100.00 Level for First Time in Four Years

USD/JPY Breaks Ellusive ¥100.00 Level for First Time in Four Years

2013-05-09 18:27:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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THE TAKEAWAY: USDJPY Appreciates Over ¥100.00 For the First Time in Four Years

Following this morning’s better than expected Initial Jobless Claims report, the US Dollar had seen a renewed bout of strength as it appeared the world’s largest economy’s labor market is starting to pick up pace. With US equity markets hovering near all-time highs, it was the FX market’s turn to recalibrate and play catch up.

Now, several hours later, the USDJPY has broken through the 100.00 exchange rate level for the first time since April 2009. The Yen hadn’t weakened as quickly as many had expected since the Bank of Japan unveiled their most aggressive easing measures ever on April 4, so breaking this barrier represents a definite milestone in the spiraling Yen’s story – but it may only be the first of many milestones set the next months as the BoJ’s competitive devaluation efforts continue.

USDJPY 4-hour Chart: May 9, 2013

USDJPY_Breaks_Ellusive_100.00_Level_for_First_Time_in_Four_Years_body_x0000_i1027.png, USD/JPY Breaks Ellusive ¥100.00 Level for First Time in Four Years

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the break, the USDJPY surged from the mid-99.90s to above 100.40 in minutes, hitting a fresh yearly high of 100.67. At the time this report was written, the USDJPY had fallen back modestly, to 100.47.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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