Forex: USD/JPY turns lower, still in familiar range
Forex pairs in this Article »
USD/JPY
FXstreet.com (Córdoba) - As risk aversion returns to markets, USDJPY retreats back to the bottom-side of its daily range in tandem with US stocks.
USDJPY movements however have been modest, and the pair remains in familiar ranges, capped by the 78.40 area on the upside and contained by 78.10 on the downside. At time of writing, USDJPY is trading at the 78.20 zone, 0.1% below its opening price, having failed to overcome the 78.35 level earlier on the day.
"No significant changes could be expected while initial barrier and range top at 78.40 stays intact, with further extension through 78.56, Fib 61.8% of 78.86/78.07, required to signal stronger recovery and open key near-term barrier at 78.86", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "On the downside, loss of 78.20 higher platform, will risk test of 78.00 base".
USDJPY movements however have been modest, and the pair remains in familiar ranges, capped by the 78.40 area on the upside and contained by 78.10 on the downside. At time of writing, USDJPY is trading at the 78.20 zone, 0.1% below its opening price, having failed to overcome the 78.35 level earlier on the day.
"No significant changes could be expected while initial barrier and range top at 78.40 stays intact, with further extension through 78.56, Fib 61.8% of 78.86/78.07, required to signal stronger recovery and open key near-term barrier at 78.86", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "On the downside, loss of 78.20 higher platform, will risk test of 78.00 base".
Free Annual Reports
