9 Nov 2015
USD/JPY rejected from highs, back to square one
FXStreet (Córdoba) - USD/JPY came under mild pressure after being rejected from fresh 2 ½-month highs as investors book profits and continue to weigh last Friday’s nonfarm payrolls report.
After reaching a fresh high of 123.60, USD/JPY turned lower and gave up intraday gains weighed by falling stocks. The pair slid to a fresh daily low of 123.12 in recent dealings and it was last trading at 123.25, virtually unchanged on the day.
USD/JPY technical view
From a technical view, Valeria Bednarik, chief analyst at FXStreet says the pair looks overbought in short-term charts, but still with no signs of reversing. “Technical indicators look slightly exhausted towards the upside. Nevertheless, the upside remains favored, with a break above 123.80 opening doors for an advance towards the year high at 125.80”, the analyst said.
After reaching a fresh high of 123.60, USD/JPY turned lower and gave up intraday gains weighed by falling stocks. The pair slid to a fresh daily low of 123.12 in recent dealings and it was last trading at 123.25, virtually unchanged on the day.
USD/JPY technical view
From a technical view, Valeria Bednarik, chief analyst at FXStreet says the pair looks overbought in short-term charts, but still with no signs of reversing. “Technical indicators look slightly exhausted towards the upside. Nevertheless, the upside remains favored, with a break above 123.80 opening doors for an advance towards the year high at 125.80”, the analyst said.