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14 May 2013
Forex: USD/JPY Lost it’s footing below support line
FXstreet.com (London) - The USD/JPY is trading at slightly lower levels and made fresh weekly lows at 101.26, Asian session highs.
The dollar has appeared to have been slightly overdone and traders might be taking a breather for now, which was probably evident in yesterdays price actions after the better than expected US retail report, where there was very little movement around the release. Anything positive from here on for the Japanese economy, such as better that expected Japan April Domestic Corporate Goods Price Index coming out at 0,0% y/y vs 00.2% expected, is going to give relief to the pairs recent relentless bull stampede, where market sentiment is geared up for yet a further advancement towards 103.00 and 105.00 levels. First, a close above yesterdays highs 102.14 would open up gates for the next onslaught Immediate support comes in at 101.20 and last weeks high 100.80.
The dollar has appeared to have been slightly overdone and traders might be taking a breather for now, which was probably evident in yesterdays price actions after the better than expected US retail report, where there was very little movement around the release. Anything positive from here on for the Japanese economy, such as better that expected Japan April Domestic Corporate Goods Price Index coming out at 0,0% y/y vs 00.2% expected, is going to give relief to the pairs recent relentless bull stampede, where market sentiment is geared up for yet a further advancement towards 103.00 and 105.00 levels. First, a close above yesterdays highs 102.14 would open up gates for the next onslaught Immediate support comes in at 101.20 and last weeks high 100.80.