USD / JPY Trading Outlook
USD/JPY had a run up to 79.95 from 79.70 in the London open. The initial resistance lies at 80.05, so the pair my struggle to move higher with offer seen from 79.98. The pivot point is 79.55 and there is a preference to buy from here as long as the level holds.
USD/JPY is trading in the range 79.60 to 79.75 but there is more pressure to the downside and technical indicators have a preference to sell from 79.80, the pivot point. The initial resistance lies at 79.50 followed by 79.30. EUR/JPY is tracking the euro-dollar slippage and has come to fresh intraday lows of 103.12, bids to buy are seen at 102.95/90 (Asia low) with more at 102.80/70 (9 May low). Japans current account came out better than expected at Y1589.4 Bln vs. Y1420.9 Bln
USD/JPY is under pressure as a risk aversion takes hold in the global markets and the safe haven currency, JPY , strengthens. This pair has fallen from 79.80 down to 79.65 this morning and came off from 79.90, the noted resistance, during the Asia session. 79.60 is the next critical level with 79.69/64 as a technical support from the 100 Day MA, 1 May low. Price activity will be of interest at this level and a break may pave the way to 79.30.
USD/JPY has been trading relatively flat so far this week after the pair fell on Friday following the NFP announcement which caused JPY to strengthen on its safe haven qualities after a worse than expected US employment figure. After regaining some ground to 80.07 in yesterday’s trading the Asia session and London open has pushed the pair back down to 79.80. Technical’s have a preference to sell from 80.10 and the initial support lies at 79.60.
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