Forex: USD/JPY rejected at 91.00, down to 90.60
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY went to 91.00 handle again for a test during the Asian session, and rejection there saw the market pulling back to 90.60 area, where it quotes at the moment of writing.
A risk on/off trading may be visible this week, as investors get busy with a long economic calendar, particularly in the US, including US ADP employment, GDP and FOMC tomorrow, and US NFP and ISM data on Friday.
Commerzbank analysts suggest that the daily RSI has not confirmed the new high "and this does reflect a loss of upside momentum, so caution is warranted", wrote analyst Karen Jones, still noting a strong buy signal on the daily DMI, and for now they will be tightening stops on longs. "It continues to see a strong rebound off the 20 day ma at 88.80 currently", she added.
A risk on/off trading may be visible this week, as investors get busy with a long economic calendar, particularly in the US, including US ADP employment, GDP and FOMC tomorrow, and US NFP and ISM data on Friday.
Commerzbank analysts suggest that the daily RSI has not confirmed the new high "and this does reflect a loss of upside momentum, so caution is warranted", wrote analyst Karen Jones, still noting a strong buy signal on the daily DMI, and for now they will be tightening stops on longs. "It continues to see a strong rebound off the 20 day ma at 88.80 currently", she added.
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