Forex: USD/JPY dips along with regional shares
Forex pairs in this Article »
USD/JPY
FXstreet.com (San Francisco) - The USDJPY has just fallen to fresh 5-day lows while Asian shares trade with a negative bias this Wednesday on safe-haven bids due to investor concern that a lack of progress in the U.S. fiscal cliff negotiations may lead to a recession in the world's largest economy.
USDJPY is now printing a fifth day of lower highs and lower lows, suggesting that the bearish momentum is picking up as it retreats from recent 7-month highs and 78.6% retracement resistance at 82.65. If the bearish correction continues to gather pace, a 61.8% Fibonacci level at 81.50 should provide strong support. Below there, further support is noted at 81.05 (21-day EMA). The November 2 high at 80.65 is also noted as support.
Japan's Nikkei is currently down -0.8%, while Asian shares are quoted down 0.5% and Hong Kong stocks are now down 0.8%. Shanghai Composite Index have broken to new multi-year lows this Asian session.
USDJPY is now printing a fifth day of lower highs and lower lows, suggesting that the bearish momentum is picking up as it retreats from recent 7-month highs and 78.6% retracement resistance at 82.65. If the bearish correction continues to gather pace, a 61.8% Fibonacci level at 81.50 should provide strong support. Below there, further support is noted at 81.05 (21-day EMA). The November 2 high at 80.65 is also noted as support.
Japan's Nikkei is currently down -0.8%, while Asian shares are quoted down 0.5% and Hong Kong stocks are now down 0.8%. Shanghai Composite Index have broken to new multi-year lows this Asian session.
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