Flash: USD/JPY on track to break and hold 100.00 - JPMorgan

FXstreet.com (Barcelona) - USD/JPY has seen an impressive rebound, with the exchange rate back trading in the mid 99 handle, with JP Morgan Strategists noting Japan's corporate tax cut has been lined out which will be a good support to Nikkei and USDJPY.

Key Quotes

"Another three day weekend coming up in Japan and a Gotobi should keep the market bid with 98.90-99.00 becoming a good support now, even 99.20 maybe well supported for the day."

"Upside resistance still infront of the three digit 100 so not and easy rally but obviously lighter in position compared to pre FOMC so we should be trading through it and hold it the next time we are on 100."