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USDJPY still looking soft

By   || January 5, 2010 at 23:52 GMT
|| 2 comments || Add comment

Early Japanese Institutions have been seen selling USDJPY this morning with key support seen at 91.00-10 area. Below stops will be triggered and a fall back to 90.60, the 100 day MA, is highly likely. EURJPY will takes its cues from USDJPY rather than EURUSD. Support seen here at 131.30-35(38.2% fibo retracement of the recent move up from 127.35). Under that and we should see the 50% fibo retracement level at 130.60 achieved.

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2 Responses to “USDJPY still looking soft”

  1. Alexander on January 6th, 2010 00:03 GMT

    It is definitely. But how do you see potential USD strength against EUR, AUD, NZD playing out if USD/JPY collapses down? It should entail further strength in those pairs.

  2. Alexander on January 6th, 2010 00:04 GMT

    Or not really strength but maybe just support until USD/JPY tests the upside again.

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