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May 30, 2013
USD/JPY continuing to consolidate lower
FXstreet.com (London) - In a general trend to the upside, above 96.50 targeting 105.00 the psychological figure, USD/JPY is continuing to consolidate and there has been a big clean out of long positioning.
The pair have held well and below 101.70 in yesterdays trading and has extended losses further on the European open to a low of 100.51 targeting the mid to low 99.00s (April/May highs and break out zone) ahead of initial jobless claims which are expected to match last week’s print of 340K. The pivot now reads much higher at 101.48, with momentum to the downside to meet support in a rising daily / weekly trend line along the 99.00s where a reversal is expected.
The pair have held well and below 101.70 in yesterdays trading and has extended losses further on the European open to a low of 100.51 targeting the mid to low 99.00s (April/May highs and break out zone) ahead of initial jobless claims which are expected to match last week’s print of 340K. The pivot now reads much higher at 101.48, with momentum to the downside to meet support in a rising daily / weekly trend line along the 99.00s where a reversal is expected.