Forex: USD/JPY capped below 50-day EMA

By FXstreet.com | October 09, 2012 AAA

FXstreet.com (San Francisco) - USDJPY finished practically unchanged on Tuesday after trading sideways with a slight downward bias, bracketed between the 50-day EMA (78.42) and a 50% retracement of the run from 77.42 to 78.86 (78.15).

"Short term bearish, the pair may extend its slide towards 77.90 and even to 77.65 price zone, yet again quick profit taking on selling positions may see the pair bouncing back higher," Valeria Bednarik, Chief Analyst at FXstreet.com says in a research note.

Ms. Bednarik adds: "Strong gains however, are out of question as long as the pair trades below 79.50/60 area, too far away for the USDJPY to even be considered today."

AUDJPY also finished unchanged on the day, this time for a second straight day around the 79.80 mark, after trading a broad range between 79.55 and 80.30. EURJPY is consolidating overnight losses below the 101.00 figure in early Asia, for now holding above an ascending trendline measured from the trough of July 24 low to that of Aug 2.

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