USD/JPY has retraced 38.2% of the days range. After pushing as high as 90.38, it dipped quite quickly to the 90.05 area. That’s the 38.2% retracement of the 89.53/90.38 rise. Japanese exporters have offers layered up to 90.50, we hear, while technical resistance lies above at 90.70.
Even in a dollar uptrend, USD/JPY remains a tough trade as exporters continue to hedge and EUR/JPY selling contributes to sluggish nature of the rally. Support is eyed in the 89.85/90 region on further pullbacks.
