Forex: JPY crosses exceedingly overbought; short term tops? - FXWW
FXstreet.com (Barcelona) - All JPY crosses have had subliminal rises over the past few days, as traders continue to price in what is expected to be a radical shift in how the BoJ conducts easing policies from next month.
According to FXWW Founder Sean Lee, "EURJPY breached a weekly trendline but failed to close above and the s/t charts still look exceedingly overbought". He tips that once a s/t top forms, "look for a pullback toward old resistance level at 104.80."
On the USDJPY domain, Sean sees a similar picture, reporting that "for the first time in a few days, prime brokers reported more JPY buying than selling overnight." He tips period of consolidation ahead, "and I'd look to an 81.50/83.00 type range" Sean adds.
According to FXWW Founder Sean Lee, "EURJPY breached a weekly trendline but failed to close above and the s/t charts still look exceedingly overbought". He tips that once a s/t top forms, "look for a pullback toward old resistance level at 104.80."
On the USDJPY domain, Sean sees a similar picture, reporting that "for the first time in a few days, prime brokers reported more JPY buying than selling overnight." He tips period of consolidation ahead, "and I'd look to an 81.50/83.00 type range" Sean adds.
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