12 Jul 2013
USD/JPY breaks through stops at 99.10
FXstreet.com (Barcelona) - The USD/JPY has been trading quite volatile along the first 90m of the Tokyo open, first dropping as low as 98.66 only to be snapped back up to 99.30 post stop at 99.10 triggered before a new pullback to 99.15, current price.
USD/JPY above ichimoku cloud
As Haruya Ida, IFR technical analyst reports, "USD/JPY is above Ichimoku cloud again on Pre-Tokyo long weekend, Gotobi demand cited, Japan overseas summer travel too." The analyst adds that "offers still eyed from around 99.50, trail up, stops above 100.00." On the downside, Ida believes bids below to 98.50, others probably raised to 99.00.
USD/JPY risk remains to the downside
In view of Sean Lee, Founder at FXWW: "Most important factor here is short-term market positioning, and there has been again a big build up in long positions in recent weeks. Short-term charts look quite bearish and a move lower towards 97.00 certainly looks feasible." Lee adds that being Friday, "We often get sharp moves at the end of the week", assessin today’s risk to the downside.
USD/JPY above ichimoku cloud
As Haruya Ida, IFR technical analyst reports, "USD/JPY is above Ichimoku cloud again on Pre-Tokyo long weekend, Gotobi demand cited, Japan overseas summer travel too." The analyst adds that "offers still eyed from around 99.50, trail up, stops above 100.00." On the downside, Ida believes bids below to 98.50, others probably raised to 99.00.
USD/JPY risk remains to the downside
In view of Sean Lee, Founder at FXWW: "Most important factor here is short-term market positioning, and there has been again a big build up in long positions in recent weeks. Short-term charts look quite bearish and a move lower towards 97.00 certainly looks feasible." Lee adds that being Friday, "We often get sharp moves at the end of the week", assessin today’s risk to the downside.