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USD/JPY takes out light stops below 117.40

FXStreet (Bali) - With a US market in 'holiday' mode for the rest of the week, and the feeling that a temporary top has been reached at 119.00 as USD longs pare back, Japanese exporters and fast money found no much opposition to set a new low at 117.31.

Market sources suggest higher-than-usual repatriation of receivables for November leading to the strong exporters selling pressure, which if added to thin market conditions, is weighing on prices, with weak stops below 117.40 currently being tripped, although demand at these lows should be expected.

A clean break of 117.40 though, may set the stage for an acceleration of losses until 117.00 is reached - Nov 18 double top - ahead of 116.80 and 116.50. On the upside, 117.70/80 should cap bounces, with only a recovery of 118.000 exposing 118.50.

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