16 Jan 2014
USD/JPY on course to 105.00, bullish Nikkei 225 helps
FXstreet.com (Bali) - USD/JPY is flying higher in the Tokyo session, benefited by Japanese importers, unusually correlated AUD, JPY flows, and the improved technicals in the Nikkei 225, currently up 0.5%.
USD/JPY eyeing 105.00
Demand at the fix was strong, with the buyers setting their sight on the next big level at 105.00, with some very heavily congested traffic expected all the way up towards 105.50, suggesting that longs may find it harder to absorb cluster of offers 105+.
USD/JPY technicals
From an intraday perspective (hourly), the USD/JPY finds first support at 104.50/55 (last swing low/kijun) ahead of 104.20 down to 104.00. As long as above the 104.00, even losing it, the line in the sand for bulls should be 103.80, currently where the daily kijun line crosses by.
USD/JPY eyeing 105.00
Demand at the fix was strong, with the buyers setting their sight on the next big level at 105.00, with some very heavily congested traffic expected all the way up towards 105.50, suggesting that longs may find it harder to absorb cluster of offers 105+.
USD/JPY technicals
From an intraday perspective (hourly), the USD/JPY finds first support at 104.50/55 (last swing low/kijun) ahead of 104.20 down to 104.00. As long as above the 104.00, even losing it, the line in the sand for bulls should be 103.80, currently where the daily kijun line crosses by.