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4 Feb 2013
Forex: USD/JPY on to new daily gains
The USD/JPY reached a new high on today's Asian session, on the back of a “risk on” move after Friday's NFP and on the usual Yen easing. After hitting 92.80, the market weakened coming to as low as 92.56 at 07:00 GMT, from where it is rapidly bouncing.
Japan's monetary base eased from 11.8% to 10.9% in January, failing to reach the expected 13.2%. The pair is on its way to extend daily gains above 92.80.
Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55. “While above here the market will remain immediately bid”, she added.
Japan's monetary base eased from 11.8% to 10.9% in January, failing to reach the expected 13.2%. The pair is on its way to extend daily gains above 92.80.
Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55. “While above here the market will remain immediately bid”, she added.