7 Jun 2013
USD/JPY in highly negative territory
FXstreet.com (London) - The Yen has fallen through key support levels and is targeting lower levels.
USD/JPY has been the worst performer in the broad dollar sell off and has charged through the ascending channels support line. According to teams at ICN.com, the possibility of extending the downside move is valid today and the upcoming period, as trading below 97.50 is considered negative now. They said that the trading range for today is among key support at 95.50 and key resistance at 98.65 and added that the general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60. The pair have continued to erode throughout the European session, trading as low as 95.57.
According to teams at Rabobank, for now, the bottom of the cloud at 95.41 should offer support but with the scepticism beginning to gnaw into Abenomics, there is a risk that USD/JPY will remain under pressure near-term. On a 12 mth view, they expect that USD/JPY can climb back towards 1.05. However, they maintain that there could be better levels to buy. Coming up later today we have the NFP's and the market is anticipating this with a watchful eye.
USD/JPY has been the worst performer in the broad dollar sell off and has charged through the ascending channels support line. According to teams at ICN.com, the possibility of extending the downside move is valid today and the upcoming period, as trading below 97.50 is considered negative now. They said that the trading range for today is among key support at 95.50 and key resistance at 98.65 and added that the general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60. The pair have continued to erode throughout the European session, trading as low as 95.57.
According to teams at Rabobank, for now, the bottom of the cloud at 95.41 should offer support but with the scepticism beginning to gnaw into Abenomics, there is a risk that USD/JPY will remain under pressure near-term. On a 12 mth view, they expect that USD/JPY can climb back towards 1.05. However, they maintain that there could be better levels to buy. Coming up later today we have the NFP's and the market is anticipating this with a watchful eye.