Filed Under:
Forex pairs in this Article » USD/JPY
According to Tim Riddell, Head of Global Markets Research at ANZ, “The USD/JPY break below 97.00 has highlighted that correction may fit in a more standard profile and so the previous buying bias has been lowered to the market retracement zone, around 93.50-95.00.”

USD/JPY to retest 100.00 barrier?

Nevertheless, further sharp rebounds could still see a retest of the 100.00 area as the consolidation develops. Sharper rebounds above 101.30-60 are needed to signal an early return to JPY weakness.

The breach of rising channel support has now resolved the interplay between the strength of the uptrend and mounting momentum divergence. “Standard corrections of the rally off September’s 77.10-15 low would suggest a test of the 93.50-75 area. Unless there is a sustained rebound above 100.00, further corrections towards 93.50-75 should develop but the underlying bias is that the uptrend should resume.” Riddell notes.
comments powered by Disqus