Forex: USD/JPY breaks above 90; next target at 93.15 - FXWW
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USD/JPY
FXstreet.com (Barcelona) - In a day for risk takers, with oil breaking above the $95 mark printing fresh 4-month highs, and SP500 at levels not seen since late 2007, USDJPY managed to make yet another fresh 30-month high at 90.13, highest since June 2010. Last at 89.96, the pair bounced strongly from yesterday's Asia-Pacific lows at 88.14, in what ended up being the pull back to the neck line of a previous intraday reversal pattern built the day before with lows (weekly) at 87.77.
"Once 90.00 is definitively breached, the next target will be a 50% retracement level at 93.15," said FXWW founder Sean Lee, adding: "No point in getting in the way of this bull train." Nikkei index developed yesterday about the same way as USDJPY pair did, given tight negative correlation between Nikkei and Yen, closing in the green after a round trip day, with futures now pointing for an open 200+ points higher. Most important risk event for today's Asia-Pacific trade will be China's GDP at 02:00 GMT, though now all eyes also point for next week BoJ meeting, with talks making the rounds FinMin Amari will attend the central bank reunion as well.
Immediate resistance to the upside for USDJPY shows at recent fresh almost 31-month high 90.13, followed by Sept 11 2009 lows at 90.18, and Oct 24 2008 lows at 90.86. To the downside, nearest term support lies at recent session lows 89.80, followed by Monday's highs at 89.68, and Friday's highs at 89.46.
"Once 90.00 is definitively breached, the next target will be a 50% retracement level at 93.15," said FXWW founder Sean Lee, adding: "No point in getting in the way of this bull train." Nikkei index developed yesterday about the same way as USDJPY pair did, given tight negative correlation between Nikkei and Yen, closing in the green after a round trip day, with futures now pointing for an open 200+ points higher. Most important risk event for today's Asia-Pacific trade will be China's GDP at 02:00 GMT, though now all eyes also point for next week BoJ meeting, with talks making the rounds FinMin Amari will attend the central bank reunion as well.
Immediate resistance to the upside for USDJPY shows at recent fresh almost 31-month high 90.13, followed by Sept 11 2009 lows at 90.18, and Oct 24 2008 lows at 90.86. To the downside, nearest term support lies at recent session lows 89.80, followed by Monday's highs at 89.68, and Friday's highs at 89.46.
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