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Forex: USD/JPY retracing Asian losses

From close to 93.50, the USD/JPY weakened during the Asian shift, also hurting Japan stocks' movement, reaching as low as 92.83. The market eventually bounced back to the 93.00 mark and is currently retracing its losses, already at 93.34 (-0.16%).

Japan's Domestic Corporate Goods Price rose 0.4% (MoM) in January, but eased from +0.7% to -0.2% on the annualized basis (still, better than the -0.3% consensus). The Tertiary Industry Index jumped 1.4% (consensus +0.8%) in December.

“The intraday Elliott wave count is indicating a deeper retracement to 91.40 and possibly 89.55 is likely prior to another leg higher”, wrote analyst Karen Jones, pointing to overhead resistance at the 2010 high at 94.99 and then the March 2009 spike low at 95.77.

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