Forex: USD/JPY pressured closer to daily low
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY started Monday trading by retesting Friday's lows, then bouncing from 78.20 but being capped at 78.40 high on the European opening. The tight ranged trading has been finding stability around 78.30, but selling pressure is now challenging the status quo.
While the US is at holiday, Labour Day, and this trading prevails during the American session, news coming from Spain reveal that the region of Andalusia has asked for ¬1B, mounting to ¬10.8B of fund requests from four Spanish regions. The current total of the fund is ¬18B, which means there is still ¬9.2B available for the other 13 regions.
The USDJPY is trading at 78.26 (-0.04% on the day), heading closer to the daily low of 78.20. "As long as the support area seen between it and the 77.90 current August low holds, our medium term bullish view will be maintained with the psychological 80.00 region remaining in focus", wrote Commerzbank analyst Karen Jones.
While the US is at holiday, Labour Day, and this trading prevails during the American session, news coming from Spain reveal that the region of Andalusia has asked for ¬1B, mounting to ¬10.8B of fund requests from four Spanish regions. The current total of the fund is ¬18B, which means there is still ¬9.2B available for the other 13 regions.
The USDJPY is trading at 78.26 (-0.04% on the day), heading closer to the daily low of 78.20. "As long as the support area seen between it and the 77.90 current August low holds, our medium term bullish view will be maintained with the psychological 80.00 region remaining in focus", wrote Commerzbank analyst Karen Jones.
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