Forex: USD/JPY maximum pain to shorts above 87.50
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Eighth consecutive week to the upside for USDJPY, higher by +4.15% in last 2 weeks alone, pointing for the 90 round figure as target of the massive inverted head and shoulders pattern the pair has built in last 2 years, breaking the neckline to the upside same week of general elections in Japan Dec past year.
Nikkei index has also benefited from ongoing Yen weakness, last above the 10600 points, up +2.72% for the day so far in first trading day for 2013 in Tokyo after the holidays, being only index in Asia-Pacific in the green. All Nikkei companies were rising today, Bloomberg reported, adding to the +24% rise since mid Nov when the elections in Japan were called. Market has managed to overcome previous levels of March's 2011 tsunami.
Immediate resistance to the upside for USDJPY shows at March/May 2010 lows 88.06/10, followed by Feb 2010 lows at 88.53, and May 20 2010 lows at 88.95. To the downside, nearest term support lies at yesterday's highs 87.35, followed by yesterday's lows at 86.77, and past Friday's highs at 86.64.
Nikkei index has also benefited from ongoing Yen weakness, last above the 10600 points, up +2.72% for the day so far in first trading day for 2013 in Tokyo after the holidays, being only index in Asia-Pacific in the green. All Nikkei companies were rising today, Bloomberg reported, adding to the +24% rise since mid Nov when the elections in Japan were called. Market has managed to overcome previous levels of March's 2011 tsunami.
Immediate resistance to the upside for USDJPY shows at March/May 2010 lows 88.06/10, followed by Feb 2010 lows at 88.53, and May 20 2010 lows at 88.95. To the downside, nearest term support lies at yesterday's highs 87.35, followed by yesterday's lows at 86.77, and past Friday's highs at 86.64.
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