Forex: USD/JPY keeps the positive mood around 87.60
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - The Japanese yen is now losing some ground against the greenback, after former strength dragged the cross to the boundaries of 87.20
According to Christopher Vecchio, Currency Analyst at DailyFX, the yen is actually "a very oversold currency", adding "In fact, according to CTFC's COT report, the non-commercial futures positioning is at its shortest level since July 2007&"; and "last week's RSI was above 80 - the last time that happened was in December 2005, which produced a pullback of more than 500 pips. Accordingly: seeing the Japanese yen bottom after the BoJ would not be surprising; the conditions are ripe for a significant turn around".
The cross is now down 0.27% at 87.55
Next support lies at 87.23 (low Jan.8) ahead of 87.03 (MA200h) and 86.95 (Tenkan-Sen line).
On the upside, a surpass of 87.82 (high Jan.8) would aim to the psychological level at 88.00 and then 88.38 (high Jan.7).
According to Christopher Vecchio, Currency Analyst at DailyFX, the yen is actually "a very oversold currency", adding "In fact, according to CTFC's COT report, the non-commercial futures positioning is at its shortest level since July 2007&"; and "last week's RSI was above 80 - the last time that happened was in December 2005, which produced a pullback of more than 500 pips. Accordingly: seeing the Japanese yen bottom after the BoJ would not be surprising; the conditions are ripe for a significant turn around".
The cross is now down 0.27% at 87.55
Next support lies at 87.23 (low Jan.8) ahead of 87.03 (MA200h) and 86.95 (Tenkan-Sen line).
On the upside, a surpass of 87.82 (high Jan.8) would aim to the psychological level at 88.00 and then 88.38 (high Jan.7).
Free Annual Reports
