Forex: USD/JPY looking for support above pivot
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Having steadily declined overnight from a two year high at 86.65, USDJPY looks to be seeking support around the daily pivot point at 85.91.
Spot has posted a daily low at 85.94 before gently bouncing before returning to where it is currently trading at 86.04, with a slight downside bias. With the European calender finished for the week on a damp note, focus falls on the US with Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. Bijoy Kar of MIG Bank notes that the pair has broken its strong resistance at 85.53, the 06.04.11 high and another level of resistance is at 89.16, the 12.07.2010 high.
Spot has posted a daily low at 85.94 before gently bouncing before returning to where it is currently trading at 86.04, with a slight downside bias. With the European calender finished for the week on a damp note, focus falls on the US with Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. Bijoy Kar of MIG Bank notes that the pair has broken its strong resistance at 85.53, the 06.04.11 high and another level of resistance is at 89.16, the 12.07.2010 high.
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