Our best spreads and conditions
Learn more
Forex News
Back
May 13, 2013
Forex: USD/JPY bouncing off 101.50
FXstreet.com (Barcelona) - The Japanese yen is trimming some of last week’s losses on Monday, climbing back to the 101.70/75 region after finding support around the key 101.50 level.
According to Sean Callow, Strategist at Westpac, “Only the very brave would stand in the way, with momentum risking 102.50/103. Yet the US economy is probably still in its slow patch while MoF data shows only tentative JP demand for foreign bonds. Substantial risk of pullback n/t”.
At the moment the cross is losing 0.13% at 101.75 facing the next support at 100.79 (high May 9) and then 100.54 (low May 10).
On the upside, a break above 102.16 (high Ot.21 2008) would bring 102.42 (high Oct.20 2008) and finally the psychological level at 103.00.
According to Sean Callow, Strategist at Westpac, “Only the very brave would stand in the way, with momentum risking 102.50/103. Yet the US economy is probably still in its slow patch while MoF data shows only tentative JP demand for foreign bonds. Substantial risk of pullback n/t”.
At the moment the cross is losing 0.13% at 101.75 facing the next support at 100.79 (high May 9) and then 100.54 (low May 10).
On the upside, a break above 102.16 (high Ot.21 2008) would bring 102.42 (high Oct.20 2008) and finally the psychological level at 103.00.