Forex: USD/JPY rises above the 91.00 mark
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USD/JPY
FXstreet.com (Barcelona) - Currency flows ahead of today's US ADP employment and GDP have sent the USDJPY back to the 91.00 psychological level after a steady upside since 90.33 low printed in yesterday's European morning.
Now that the market is breaching the line, there is added strength to the pair, allowing a wider move. The USDJPY trades at 91.07 high, +0.37% on the day.
"USDJPY is merely consolidating sideways. It continues to hold over the 240 minute cloud and the Elliot wave count on the intraday chart is implying we have one more leg to 91.75/90 prior to failure", wrote Commerzbank analyst Karen Jones.
Now that the market is breaching the line, there is added strength to the pair, allowing a wider move. The USDJPY trades at 91.07 high, +0.37% on the day.
"USDJPY is merely consolidating sideways. It continues to hold over the 240 minute cloud and the Elliot wave count on the intraday chart is implying we have one more leg to 91.75/90 prior to failure", wrote Commerzbank analyst Karen Jones.
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