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Forex pairs in this Article » USD/JPY (London) - USD/JPY has opened in Europe printing a high overnight of 99.59.

The USD/JPY has benefitted from a broader rise in the greenback, despite Japan printing supportive economic data. The Tankan Large Manufacturing Outlook (Q2) recorded a reading of 10.0 and above the consensus of 7.0.

USD/JPY breaches the 55 day ma

Karen Jones analyst at Commerzbank said that they continue to view near term strength as corrective only and favour a retest of the 93.58 38.2% Fibonacci retracement in the weeks to come. “Failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43”. They have conflicting evidence on the intraday charts and their conviction is low at this point. Her team said it is possible that we will see small erosion towards the 100.00 zones where they suspect that the rally will again struggle. Only an unexpected CLOSE above the 100.00 would neutralise their outlook and imply another test of the 103.74 May high.
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