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9 Aug 2013
USD/JPY bounces off lows
FXstreet.com (New York) - The USD/JPY foreign exchange rate found itself recovering off its lows, incurring at 96.18 earlier today during US trading.
Presently, the USD/JPY is still entrenched in negative territory, now down -0.47% off its opening. At this juncture, the pair is trading at 96.28, and remains fortified by supports at 96.04, ahead of 95.78, and 95.34, notes the Mataf.net analyst team.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has maintained downside pressure and will shortly encounter 95.42 (Fibo) then the 94.68 support line, it is possible that this will hold the initial test, but we are not expecting to see reversal. The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55, this is the June low and the 38.2% retracement of the move up from the September 2012 low.”
Presently, the USD/JPY is still entrenched in negative territory, now down -0.47% off its opening. At this juncture, the pair is trading at 96.28, and remains fortified by supports at 96.04, ahead of 95.78, and 95.34, notes the Mataf.net analyst team.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has maintained downside pressure and will shortly encounter 95.42 (Fibo) then the 94.68 support line, it is possible that this will hold the initial test, but we are not expecting to see reversal. The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55, this is the June low and the 38.2% retracement of the move up from the September 2012 low.”