Forex Flash: USD/JPY warrants short-term positions – RBS

FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, "The market rally failed at a key level at 78.82, which was just beneath the base of the cloud and the follow through this morning is sufficient to warrant short positions looking back to the base of the range at 77.35, and perhaps even lower to the 76.04 level if that support level is broken."

"In its simplest terms, this means that if investors share the same short/medium term risk-off view that we do, then it seems prudent to believe it will be more lucrative to sell via through the JPY than the USD. The stop loss at 79.00 the figure allows the 78.82 another chance to resist advances." Moore notes.