Forex: USD/JPY bid toward 87.70, looks corrective
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USD/JPY
FXstreet.com (San Francisco) - USDJPY's bounce from the 87.80 base set Wednesday has extended on early Asian buying interest, having traded back up into the 88.65 price zone, nearly recovering all pips shed overnight. "While current movement could still be considered corrective in the middle of the bullish trend the pair has, there is a chance for a dip as low as 86.80 over the next few days," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
According to Eamonn Sheridan, editor at ForexLive, Japanese PM Abe is away in South East Asia, and the market seems to be in holding mode as it "awaits the next comment for short-term direction," he says. "Maybe we have to wait until Abe is safely back on home soil before the comments can swing back to a favouring a weaker Yen - something to watch out for."
At the time of writing, USDJPY is testing offers through 88.72, with next resistance noted at the 89.00 figure. If spot reverses gains and slips below the mentioned 87.80 base, further support is noted at 87.50 and 87.10.
According to Eamonn Sheridan, editor at ForexLive, Japanese PM Abe is away in South East Asia, and the market seems to be in holding mode as it "awaits the next comment for short-term direction," he says. "Maybe we have to wait until Abe is safely back on home soil before the comments can swing back to a favouring a weaker Yen - something to watch out for."
At the time of writing, USDJPY is testing offers through 88.72, with next resistance noted at the 89.00 figure. If spot reverses gains and slips below the mentioned 87.80 base, further support is noted at 87.50 and 87.10.
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