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Forex pairs in this Article » USD/JPY
FXstreet.com (San Francisco) - Tim Riddell, Head of Global Markets Research Asia at ANZ, commented in a recent report that the USD/JPY bias is corrective after hitting a key retracement/target level of 105.50-60 in late Dec. ANZ targets are 110.00 to 111.60.

Key Levels:

USD/JPY hit a key retracement/target level of 105.50-60 in late Dec. Dips or a turn? Bias is that pullbacks in JPY crosses are corrective. Broader consolidation risk needs to be addressed, but the weakening trend in JPY remains dominant.

"Further targets lie in the 110.00 to 111.60 area and if weakness extends, 120.00 could act as a retracement/target level. The pre-crisis range lows for USD/JPY should now provide support."
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