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Forex pairs in this Article » USD/JPY (Bali) - USD/JPY has been ticking up in the first 2 hours of the Tokyo session - back from public holidays - with the exchange rate moving away from a 2014 low of 102.84 to now stay at 103.47.

Tokyo fix sees Yen selling

According to market sources, a British name and a Japanese mega bank were among the most notorius buyers, with importers-driven demand at the Tokyo fix helping underpin the recovery.

There has been reports that the Bank of Japan may be eyeing a PKO (Price Keeping Operation) on the Nikkei, as currently -2.2%. If that were the case, Yen heaviness may remain.

USD/JPY technicals

Technically, USD/JPY has now encountered its next upside hurdle by intersecting with its hourly kijun around 103.40, ahead of 103.50 mid-round (also strike option level for expiration today at the NY cut). A break higher may expose 103.85, sequence of intraday lows, ahead of 104.00 round number. On the downside, 103.00 is the level to regain followed by next target at 102.65/70, Dec 18 low.
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