Forex Flash: USD/JPY, focus on 97.00/97.80 - JPMorgan

Following the break of important 94.77/95.00 resistance zone, "the focus in UD/JPY is now on the 97.00/97.80 zone, which includes the Aug ’09 high" says JPMorgan FX strategist John Normand.

"In turn, corrective retracements are viewed as buying opportunities as pullbacks should find support at 94.75/94.10 and 93.50. Still, given the potential momentum divergences, the upside is likely to be more of a grind to new highs. Cross JPY has shifted higher as well with the rally taking on a more impulsive, trending bias" John adds.