28 Jun 2013
USD/JPY battling around 98.50, hedge funds selling
FXstreet.com (Barcelona) - USD/JPY is applying upside pressure through 98.50, with the clear objective to retest the swing high from June 24 at 98.70.
According to the latest insider information provided by Sean Lee, Founder of FXWW, hedge fund’s selling in recent trade has been noted near 98.50.
From a technical standpoint, the shorts squeeze since the rebound off 97.30 has some bullish characteristics through the printing of higher lows. While the break of 98.70 opens the door to further upside, traders should not ignore level of supply at 98.00-98.40, although since already retested back in June 10, it suggest selling interest up there might not be that strong. On the downside, the area of support around 97.00 has proven firm, with bids emerging on each approach since June 20.
According to the latest insider information provided by Sean Lee, Founder of FXWW, hedge fund’s selling in recent trade has been noted near 98.50.
From a technical standpoint, the shorts squeeze since the rebound off 97.30 has some bullish characteristics through the printing of higher lows. While the break of 98.70 opens the door to further upside, traders should not ignore level of supply at 98.00-98.40, although since already retested back in June 10, it suggest selling interest up there might not be that strong. On the downside, the area of support around 97.00 has proven firm, with bids emerging on each approach since June 20.