23 Jan 2014
USD/JPY off highs, bids emerge 104.50
FXstreet.com (Bali) - USD/JPY came off its highs at 104.82 to presently sit around 104.50 bids, with the Nikkei still in positive territory at +0.2% but well away from its 0.75% early gains.
USD/JPY seeks 105.00 but challenging...
Market sources report offers still clustered around 105.00 up to 105.50, yet conviction to defend the upside seems to be fading.
The 105.50 provides a barrier option interest. Should the USD/JPY continues its climb, congested traffic is expected as stops get mixed up with selling interest. On the downside, solid interest to buy on dips is expected intra-day unless we lose 103.80/85.
USD/JPY technicals
On the topside, in view of Jim Langlands, Founder at FXCharts: "Above Wed's session high of 104.56 would see a run to Tuesday’s top at 104.75 (76.4% of 105.43/102.85), beyond which would run into further good selling interest at 105.00. Beyond here, resistance comes in at last week’s high at 105.35. I don’t think we are heading close to this today but if wrong, the barriers at 105.50 will then be strongly protected, with 105.42 being the 2 Jan top (& 61.8% of 124.13/75.65 – very strong)..."
USD/JPY seeks 105.00 but challenging...
Market sources report offers still clustered around 105.00 up to 105.50, yet conviction to defend the upside seems to be fading.
The 105.50 provides a barrier option interest. Should the USD/JPY continues its climb, congested traffic is expected as stops get mixed up with selling interest. On the downside, solid interest to buy on dips is expected intra-day unless we lose 103.80/85.
USD/JPY technicals
On the topside, in view of Jim Langlands, Founder at FXCharts: "Above Wed's session high of 104.56 would see a run to Tuesday’s top at 104.75 (76.4% of 105.43/102.85), beyond which would run into further good selling interest at 105.00. Beyond here, resistance comes in at last week’s high at 105.35. I don’t think we are heading close to this today but if wrong, the barriers at 105.50 will then be strongly protected, with 105.42 being the 2 Jan top (& 61.8% of 124.13/75.65 – very strong)..."