USD/JPY recovered from yesterday's low of 76.30 to an intra-day high of 77.02 earlier today, the pair then retreated as Nikkei 225 fell back to negative territory (now is down 36 points)
Printable View
USD/JPY recovered from yesterday's low of 76.30 to an intra-day high of 77.02 earlier today, the pair then retreated as Nikkei 225 fell back to negative territory (now is down 36 points)
the pair has failed in breaking 77.00 and bounced from it , so that's mean the down trend is expected and the pair might head to 76.30 and then 76.00
Prices put in a pair of Doji candlesticks at 76.28, the 76.4 percent Fibonacci extension support level, pointing to indecision above the pair’s record low, hinting a correction higher may be ahead.
we can notice from the chart that the pair has closed under 77.00 , that's mean the down trend is expected and the pair might head to 76.50 then 76.20 , however the pair made a hourly correction
the dominant trend remains bearish and S&P 500 positioning points to broad-based risk aversion, arguing for further weakness over the coming weeks (albeit not without a threat of intervention). A clear-cut entry point in either direction is not apparent for now and we will stand aside.
With the BOJ clearly stating that they favour a return of the currency towards 85 or even higher. We believe the downside in minimum whilst the topside will find stale USD long selling on bounces
The pair temporarily fell to pre-intervention level amid an influx of safe-haven related flows as market participants continued to fret the never ending uncertainty over the global economy. In particular, there is growing concern that the actions taken by EU leaders are simply not enough to promote stability in the debt ridden states
Prices put in a pair of Doji candlesticks at 76.28, the 76.4 percent Fibonacci extension support level, pointing to indecision above the pair’s record low, hinting a correction higher may be ahead
the pair and as we can see from the chart has closed it's daily candle under the level of 77.00 , so , that's mean the down trend is still standing and the pair is heading to 76.60 then 76.40
USD/JPY dropped to as low as 76.30 last week but lost momentum ahead of 76.28 support and turned sideway. Nevertheless, further fall is still expected with 77.32 minor resistance intact