7 Aug 2013
USD/JPY breaks 97.50, targets 97.00
FXstreet.com (Barcelona) - The USD/JPY is breaking through support at 97.50, with the lowest so far hit at 97.15 after a very sharp 50 pips decline.
No catalyst reported
From what can be observed at first sight, there is no news hitting the wires that may have caused the aggressive sell-off. Next target for the bears appears to be round number 97.00, while on the upside, a retest of 97.50/55 may see selling interest.
According to Jim Langlands from FXCharts, "The indicators are pointing lower though and if 97.50 breaks ( it did ), as we have said previously could see acceleration lower towards 97.20 (weekly Kijun) and possibly towards 96.72 (61.8% of 93.78/101.52)."
No catalyst reported
From what can be observed at first sight, there is no news hitting the wires that may have caused the aggressive sell-off. Next target for the bears appears to be round number 97.00, while on the upside, a retest of 97.50/55 may see selling interest.
According to Jim Langlands from FXCharts, "The indicators are pointing lower though and if 97.50 breaks ( it did ), as we have said previously could see acceleration lower towards 97.20 (weekly Kijun) and possibly towards 96.72 (61.8% of 93.78/101.52)."