Forex: USD/JPY hovering over 82.50
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USD/JPY
FXstreet.com (Barcelona) - The Japanese yen continues to depreciate against its American counterpart on Tuesday, pushing the cross above 82.50 and closer to yesterday's tops above 82.60
Lee Hardman, Currency Analyst at BTMU argues "The last up trend for USDJPY occurred between January 2005 and June 2007. The pair appears to be tentatively bottoming out but is struggling to gain upward momentum. The aggressive establishment of speculative yen shorts in Q4 bringing close to record levels prior to the unwinding of the global yen carry trade has helped lift USDJPY by around five big figures but it still remains comfortably within the long-term 75.00 to 85.00 consolidation phase range".
The cross is now up 0.13% at 82.47 facing the next resistance at 82.64 (high Dec.10) ahead of 82.84 (high Nov.22) and 82.94 (high Apr.4).
On the flip side, a breach of 82.00 (psychological level) would bring 81.79 (low Dec.5) and finally 81.72 (low Dec.4).
Lee Hardman, Currency Analyst at BTMU argues "The last up trend for USDJPY occurred between January 2005 and June 2007. The pair appears to be tentatively bottoming out but is struggling to gain upward momentum. The aggressive establishment of speculative yen shorts in Q4 bringing close to record levels prior to the unwinding of the global yen carry trade has helped lift USDJPY by around five big figures but it still remains comfortably within the long-term 75.00 to 85.00 consolidation phase range".
The cross is now up 0.13% at 82.47 facing the next resistance at 82.64 (high Dec.10) ahead of 82.84 (high Nov.22) and 82.94 (high Apr.4).
On the flip side, a breach of 82.00 (psychological level) would bring 81.79 (low Dec.5) and finally 81.72 (low Dec.4).
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