Dollar extends gains vs yen to 5-week high
NEW YORK |
NEW YORK (Reuters) - The dollar extended gains against the yen to hit a five-week high on Thursday as it breached key technical levels, spurring some buying.
Greg Michalowski, chief analyst at broker FXDD, said the currency pair just breached the 80.14 yen level, the 38.2 percent retracement of the move down from the March 2012 high. He added that the next target for the dollar is the 100-day moving average at around 80.39 yen.
The dollar hit the day's peak of 80.18 yen, its highest since mid-May. It was last at 80.16, up 0.9 percent on the day.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama)
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