The USD/JPY could rise to the upper 79 level if hopes for supportive policy measures in China continue to support the global stock market, Masafumi Yamamoto, chief forex strategist at Barclays Bank in Tokyo says in a note. The pair is at 79.43 from 79.31 late Monday in New York. Yamamoto says such hopes were fueled by Chinese Premier Wen Jiabao's comments over the weekend that China will put more emphasis on ensuring steady growth while maintaining a proactive fiscal policy and a prudent monetary policy. Meanwhile, charts show that the EUR/JPY is set to rebound to around 102.49 this week. The pair is at 101.70 from 101.66 late Monday.
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