rockstar Posted January 19, 2012 Share Posted January 19, 2012 After peaking at 80.23 earlier on Thursday, setting a 1-month high in the wake of BoJ intervention, USD/JPY has turned lower, having dropped over 100 pips within the last hours as risk aversion re-emerged, with US stocks losing over 1% short after the opening. USD/JPY fell to a low of 79.05 after the Wall Street opening and currently it is trading at the 79.10 zone, still up 2.7% on the day. From a technical perspective, Slobodan Drvenica, analyst at Windsor Brokers Ltd, said, "Corrective pullback on overbought hourly conditions is under way, with reversal above 78.00 zone required to maintain near-term positive tone". He locates immediate support levels at 78.72, 78.25 and 78.03, while he sees resistance levels at 79.55, 79.68 and 80.00, ahead of daily highs at 80.23. Quote Link to comment Share on other sites More sharing options...
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