Forex Flash: USD/JPY may test 79.70-80.00 - BBH
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USD/JPY
FXstreet.com (Barcelona) - USDJPY sold-off towards 79.00 last Friday, yet a vigorous bounce managed to recover prices just under 79.50, where the pair stands now.
The new 3-week low printed on Friday corresponds to the 50% retracement of the rally from September 28 low near JPY77.45, says Marc Chandler, Global Head of Currency Strategy at BBH.
"The dollar's smart recovery on Friday stabilized the near-term technical picture. The dollar may test the JPY79.70-JPY80.00 area. Consolidation, rather than trending is likely to be the flavor of the yen in the coming days" Marc notes.
The new 3-week low printed on Friday corresponds to the 50% retracement of the rally from September 28 low near JPY77.45, says Marc Chandler, Global Head of Currency Strategy at BBH.
"The dollar's smart recovery on Friday stabilized the near-term technical picture. The dollar may test the JPY79.70-JPY80.00 area. Consolidation, rather than trending is likely to be the flavor of the yen in the coming days" Marc notes.
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