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5 Feb 2013
Forex: USD/JPY eases back to lows
A "risk off" sentiment is strengthening the Yen today, as it corrects from its extended rally that allowed a move to as high as 93.18 yesterday. Commerzbank analysts look at 93.32 as strong resistance, coupled with 93.96.
The USD/JPY quotes at 92.17 (-0.22%) after being denied a return to 92.50 in early Asian trading. The pair had started off with a spike low at 91.98.
"It continues to hold over the 240 minute cloud (90.28/89.66) and the Elliot wave count on the intraday chart is implying we have one more leg to 93.70 prior to failure", wrote Commerzbank analyst Karen Jones.
The USD/JPY quotes at 92.17 (-0.22%) after being denied a return to 92.50 in early Asian trading. The pair had started off with a spike low at 91.98.
"It continues to hold over the 240 minute cloud (90.28/89.66) and the Elliot wave count on the intraday chart is implying we have one more leg to 93.70 prior to failure", wrote Commerzbank analyst Karen Jones.