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Forex pairs in this Article » USD/JPY (London) - USD/JPY has moved up on the 5 minute chart to meet and close around 97.40 resistance.

USD/JPY has been drifting lower on the session with lower dollar values in weaker US yields, fuelled by Fed officials denouncing the hawkish tone of late from the FOMC. Data for the pair today will come in the form of a raft of US numbers in the afternoon, Durable Goods, Housing Price Index, Consumer Confidence and New Home Sales. And Treasury sec Lew is speaking late in the evening.

USD/JPY continuing higher?

Karen Jones at Commerzbank said that USD/JPY had appeared to be stalling just ahead of the 55 day ma at 99.12. The level seems to be broken here but the move could well become capped again before reaching the pivot. Karen Jones had continued to view near term strength as corrective only and favoured a retest of 93.58 Fibonacci retracement. Failure at 93.58 is expected to trigger losses she said to the 50% retracement at 90.43. “We have conflicting evidence on the intraday charts and our conviction is low at this point”.
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