Forex: USD/JPY fully retraces Friday losses
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY fell strongly during the European morning as the market traded in a 'risk off' due to concerns over Greece and the ¬31.3B aid tranche delay to late November while a big amount of Treasury bills mature on November 16. EU officials already cleared any doubts about an accidental default on that day.
With a low printed at 79.08, the pair bounced back as US data was released, particularly the US Reuters/Michigan consumer sentiment that is now expected to rise from 82.6 to 84.9 in November, beating the consensus estimate of an improvement to 83.0. It's the highest reading since July 2007.
The USDJPY has fully retraced losses and trades at 79.50, still looking up. UBS analysts are neutral and say that "the next major support lies at 78.90". "Resistance is at 80.02, ahead of 80.68", adds analyst Geoffrey Yu.
With a low printed at 79.08, the pair bounced back as US data was released, particularly the US Reuters/Michigan consumer sentiment that is now expected to rise from 82.6 to 84.9 in November, beating the consensus estimate of an improvement to 83.0. It's the highest reading since July 2007.
The USDJPY has fully retraced losses and trades at 79.50, still looking up. UBS analysts are neutral and say that "the next major support lies at 78.90". "Resistance is at 80.02, ahead of 80.68", adds analyst Geoffrey Yu.
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