14 Jan 2014
USD/JPY ends at the highs, with a gain of 125 pips
FXstreet.com (Córdoba) - The USD/JPY rose constantly on Tuesday, accelerating the upside during the American session and finished the day near the highs, above 104.20, 130 pips above the price it had 24 hours ago.
The Japanese currency was among the worst performers on Tuesday and fell across the board, while stocks in Europe and the US rose. Nikkei futures point to a positive opening.
Strong reversal for the USD/JPY
With the rally of the last 24 hours the USD/JPY has been able to erase Monday's losses and currently trades at 104.20, at the price level it fell shortly after the release of the US employment report last Friday, after peaking at 104.27.
Volatility continues to be relatively high
Tuesday was the third day in a row that the distance between daily lows and highs was above 130 pips, significantly higher than previous days, where the USD/JPY moved mostly in ranges of less than a hundred pips.
By historical standards recent moves do not represent something extraordinary. “A 130 pips range is not statistical outlier, but it could give bears a technical reason to ignite a sell off”, says Gonçalo Moreira, from FXStreet.
The Japanese currency was among the worst performers on Tuesday and fell across the board, while stocks in Europe and the US rose. Nikkei futures point to a positive opening.
Strong reversal for the USD/JPY
With the rally of the last 24 hours the USD/JPY has been able to erase Monday's losses and currently trades at 104.20, at the price level it fell shortly after the release of the US employment report last Friday, after peaking at 104.27.
Volatility continues to be relatively high
Tuesday was the third day in a row that the distance between daily lows and highs was above 130 pips, significantly higher than previous days, where the USD/JPY moved mostly in ranges of less than a hundred pips.
By historical standards recent moves do not represent something extraordinary. “A 130 pips range is not statistical outlier, but it could give bears a technical reason to ignite a sell off”, says Gonçalo Moreira, from FXStreet.