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15 Feb 2013
Forex: USD/JPY looks heavy; correction may find sellers at 93.30
The USD/JPY weakened for a third consecutive day towards 92.70, a 3-day low too, an an area still 70 pips way from what some analysts are expecting as a requirement for the USD/JPY to confirm a top.
Present quote is higher at 93.05 30 minutes into the Tokyo session. Should the recovery extend, the next troubling are may be taken at 93.20 up to 93.30, where a sequence of intraday lows are lying.
As Valeria Bednarik, chief analyst at FXstreet.com, notes: "Buying interest have receded. The hourly chart shows price below moving averages while indicators hold in negative territory. In bigger time frames, a stronger bearish momentum is present, looking now for a short term continuation towards the 92.20 static support area. Sellers should appear in the 93.30 price zone."
Present quote is higher at 93.05 30 minutes into the Tokyo session. Should the recovery extend, the next troubling are may be taken at 93.20 up to 93.30, where a sequence of intraday lows are lying.
As Valeria Bednarik, chief analyst at FXstreet.com, notes: "Buying interest have receded. The hourly chart shows price below moving averages while indicators hold in negative territory. In bigger time frames, a stronger bearish momentum is present, looking now for a short term continuation towards the 92.20 static support area. Sellers should appear in the 93.30 price zone."