The market’s shied away from the 200 day MA currently at 79.42 but dips still afford a decent buying opportunity after the pair closes above the cloud again (top of cloud 78.62).
A sustained break through the 200 DMA and yesterday’s 79.47 high should set the pair on a decent track higher but exporter offers are thick ahead of 79.50 and 80.00 both of which hold barriers, so don’t expect a lightning move higher.. Buying has been mostly from macro names.
On the downside there’s strong bids from 79.20 down to 79.00 from importers and suggested semi-officials, but little in the way of stops until a break of 78.65
USD/JPY’s trading around 79.35
