Forex: USD/JPY back to highs
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - A strong fall to test the 80.00 mark during the Asian session gave room for a full retracement back to 80.25, edging higher on Tuesday ahead of the US election results. Earlier, a Commerzbank report stated that the USDJPY is being kept from further gains due to its safe haven roll against uncertainty over Greece. The vote on austerity measures is tomorrow.
Although having bounced from losses and being now on the 'green", the USDJPY is still around 30 pips from retracing this week's losses. On Friday, the market rallied to 80.68, beating the June high at 80.62 and printing a 6-month high.
"The new high was accompanied by a divergence of the daily RSI and we suspect that the market will consolidate near term", wrote Commerzbank analyst Karen Jones, pointing to support at 79.61/23 (September high) and immediate upside pressure is maintained while above here.
Although having bounced from losses and being now on the 'green", the USDJPY is still around 30 pips from retracing this week's losses. On Friday, the market rallied to 80.68, beating the June high at 80.62 and printing a 6-month high.
"The new high was accompanied by a divergence of the daily RSI and we suspect that the market will consolidate near term", wrote Commerzbank analyst Karen Jones, pointing to support at 79.61/23 (September high) and immediate upside pressure is maintained while above here.
Free Annual Reports
