Filed Under:
Forex pairs in this Article » USD/JPY
FXstreet.com (Bali) - Sentiment towards the Japanese Yen collapsed on Thursday, with steady selling dominating the NA session, as long saw bets being benefited by upbeat retail sales in the US, which led to talk up early taper calls/US GDP projections.

While offers are now being noted at 103.35/40, it is thought that most of this year's hedging by exporters has been done already, which may represent another stone out of the way to see further Yen depreciation towards year-end, as the leveraged community keeps on adding longs There are reports of big stops above 103.50, which option players will try to protect.

From an ichimoku perspective, the H4 chart displays a promising picture again, after a weak Tenkan Kijun cross amid range-bound conditions has now been challenged by what is about to become in the new few hours (subject to further follow through) a strong cross again, as the Tenkan seen retakes the Kijun. If that is the case, it would communicate a fairly strong signal to see further gains by next week. Note the Chikou span faces no major resistance ahead, while the leading cloud remains bullish, reinforcing the potential upside extension.
comments powered by Disqus