Back
16 Apr 2013
Forex: USD/JPY recovers from 96.00 break down
FXstreet.com (Barcelona) - JPY/USD is currently at 96.68, off recent fresh 6-day lows at 95.71, following the 97.00 round level break down after the risk aversion move post-Boston marathon attacks. The pair is down -1.72% so far for the week since previous weekly close Friday, and -3.32% from past Thursday's 4-year highs few pips shy of the 100 level.
Current retrace is the biggest loss in a 2 single day down move since 2011 Tsunami in Japan, with reports now pointing to “Tokyo/importers likely bargain hunters initially,” said IFR Markets. The pair has so far held above the 50% Fibo retrace of latest leg up from below 93.00 lows pre-BoJ to mentioned sub-100 highs, at 96.30, once Kuroda has stated the Japanese central bank will not take any more monetary easing actions for the moment.
Immediate support to the downside for USD/JPY lies at mentioned Fibo level/March 15 highs 96.33/27, followed by recent session/6-day lows at 95.70, and March 12 lows/61.8% Fibo retrace of same leg up at 95.45/50. To the upside, closest resistance shows at April 05 Asian session highs 97.20, followed by yesterday's Asia-Pacific lows at 97.52, and April 05 highs at 97.83.
Current retrace is the biggest loss in a 2 single day down move since 2011 Tsunami in Japan, with reports now pointing to “Tokyo/importers likely bargain hunters initially,” said IFR Markets. The pair has so far held above the 50% Fibo retrace of latest leg up from below 93.00 lows pre-BoJ to mentioned sub-100 highs, at 96.30, once Kuroda has stated the Japanese central bank will not take any more monetary easing actions for the moment.
Immediate support to the downside for USD/JPY lies at mentioned Fibo level/March 15 highs 96.33/27, followed by recent session/6-day lows at 95.70, and March 12 lows/61.8% Fibo retrace of same leg up at 95.45/50. To the upside, closest resistance shows at April 05 Asian session highs 97.20, followed by yesterday's Asia-Pacific lows at 97.52, and April 05 highs at 97.83.