Forex: USD/JPY weaker on Monday sentiment
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USD/JPY
FXstreet.com (Barcelona) - The week is starting with lower sentiment, palpable on the USDJPY chart that from a first rise to 78.76 it fell all the way to 78.50 in the Asian session. While Japan is closed on bank holiday, the World Bank revised down the Chinese GDP forecasts to 7.7% in 2012 (from 8.2%) and to 8.1% in 2013 (from 8.6%), getting in line with most private predictions.
The USDJPY bounced to 78.60 after the test of 78.50, but weakness on the pair is allowing a new attempt. The market trades at 78.55 and European data is coming out, with a wider German trade surplus and rising pace of exports in August. Ahead is EMU sentix investor confidence in October.
"As the initial support at 78.71 has been cleared, next one comes at 78.56, today's intraday high / 10 day EMA, ahead of more important 78.30 higher base, where dips should be contained in order to keep near-term bulls in play", wrote Windsor Brokers analyst Slobodan Drvenica, pointing Increased downside risk if the USDJPY goes under 78.30 and 78.00 zones.
The USDJPY bounced to 78.60 after the test of 78.50, but weakness on the pair is allowing a new attempt. The market trades at 78.55 and European data is coming out, with a wider German trade surplus and rising pace of exports in August. Ahead is EMU sentix investor confidence in October.
"As the initial support at 78.71 has been cleared, next one comes at 78.56, today's intraday high / 10 day EMA, ahead of more important 78.30 higher base, where dips should be contained in order to keep near-term bulls in play", wrote Windsor Brokers analyst Slobodan Drvenica, pointing Increased downside risk if the USDJPY goes under 78.30 and 78.00 zones.
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