Forex: USD/JPY off highs, 80.00 still at fair distance
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - USDJPY is currently over 30 pips off its latest swing high at 80.43, a decline that has found minor bids sustaining the price at 80.13 session low, and which follows a fresh 6-month high at 80.65 last Friday post NFP.
The focus in Asian markets remain in the US election results. According to FXWW Founder Sean Lee, "the theory is that a Romney win would be risk-on and USD positive, which suggests a double-whammy topside for USDJPY. The market is still long (albeit at reduced levels) so it could be a case of buy-the-rumour-sell-the-fact."
On the flip side, as Sean notes, "an Obama win should be USDJPY negative, mildly risk and USD negative, triggering stop-losses."
The focus in Asian markets remain in the US election results. According to FXWW Founder Sean Lee, "the theory is that a Romney win would be risk-on and USD positive, which suggests a double-whammy topside for USDJPY. The market is still long (albeit at reduced levels) so it could be a case of buy-the-rumour-sell-the-fact."
On the flip side, as Sean notes, "an Obama win should be USDJPY negative, mildly risk and USD negative, triggering stop-losses."
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