7 Jun 2013
USD/JPY worst performer
FXstreet.com (London) - The Yen has suffered its biggest loss in a session since the Japan Earth quake in 2011 after a poor day for the dollar.
USD/JPY was the worst performer after the ECB announcements and poorer US data in the week. Karen Jones, senior analyst at Commerzbank explained, “USD/JPY has eroded the 98.79 6 month uptrend and sold off initially to the base of its daily cloud at 95.40. While this may prompt a small rebound, the risk has grown that we will see a deeper sell off to the 93.58 38.2% retracement and then 90.43 the 50% retracement. Rebounds are likely to struggle to overcome the 98.85 55 day ma and should remain capped by the 101.00 short term resistance line.”
Importantly, the Yen has also eroded through the supporting line in the ascending channel. However, the general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60 which has been explained by teams at ICN.com. Traders will be closely monitoring NFP's coming up today,
USD/JPY was the worst performer after the ECB announcements and poorer US data in the week. Karen Jones, senior analyst at Commerzbank explained, “USD/JPY has eroded the 98.79 6 month uptrend and sold off initially to the base of its daily cloud at 95.40. While this may prompt a small rebound, the risk has grown that we will see a deeper sell off to the 93.58 38.2% retracement and then 90.43 the 50% retracement. Rebounds are likely to struggle to overcome the 98.85 55 day ma and should remain capped by the 101.00 short term resistance line.”
Importantly, the Yen has also eroded through the supporting line in the ascending channel. However, the general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60 which has been explained by teams at ICN.com. Traders will be closely monitoring NFP's coming up today,