Forex: USD/JPY rally stalls a 82.50, 78.6% Fibo
Forex pairs in this Article »
USD/JPY
FXstreet.com (San Francisco) - USDJPY is holding firm at the 82.50 mark this morning in Asia after advancing 1 percent overnight on BoJ easing expectations and on negative implications of yesterday's poor Japanese trade data.
From Valeria Bednarik, Chief Analyst at FXstreet.com: "the pair seems to be also resuming its usual behavior when a trend surges: small consolidation, and practically no pullbacks ahead of a new leg," she explains in a research note.
Ms. Bednarik continues: "As long as above 82.00 the upside is favored with steady gains above 82.60, 78.6% retracement of this year bearish run, opening doors for a continuation towards 83.35 resistance level, ahead of this year high of 84.17."
A 78.6% Fibonacci resistance level at 82.65provides an immediate upside barrier for USDJPY for now, but a break higher may inspire a bullish run until the 83.60 area (Aug 24 low). If we see a correction and bears regain the downside, Ms. Bednarik says the 82.10, 81.80 and 81.50 levels offer support on dips.
From Valeria Bednarik, Chief Analyst at FXstreet.com: "the pair seems to be also resuming its usual behavior when a trend surges: small consolidation, and practically no pullbacks ahead of a new leg," she explains in a research note.
Ms. Bednarik continues: "As long as above 82.00 the upside is favored with steady gains above 82.60, 78.6% retracement of this year bearish run, opening doors for a continuation towards 83.35 resistance level, ahead of this year high of 84.17."
A 78.6% Fibonacci resistance level at 82.65provides an immediate upside barrier for USDJPY for now, but a break higher may inspire a bullish run until the 83.60 area (Aug 24 low). If we see a correction and bears regain the downside, Ms. Bednarik says the 82.10, 81.80 and 81.50 levels offer support on dips.
Free Annual Reports
