• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - With a relatively very quiet currency market s so far in Asia-Pacific, and most majors mostly unchanged from initial prices, USD/JPY is lower by -0.12%, extending the retrace started yesterday in late NY at weekly highs 78.75, now stalled at session lows, right at the 0.38 Fibo retrace of this last up leg from Monday's weekly lows at 78.13.

For first time since early July, US 10 year bond yields, with which the USD/JPY have a very positive correlation, have broken above the 1.6% key rate, and now the 1.7% figure awaits as next big resistance as it was all month of June highs, being the top at 1.72% on June 11. Biggest risk event for Yen will come tomorrow with BoJ monetary policy statement, which could bring volatility to the pair. Yen has been worst performer of majors in last 3 trading days, being EUR/JPY best performer as in relative terms EUR has been best, and JPY has been worst.

Immediate resistance to the upside for USD/JPY shows at clear ask line and past 3 week highs 78.75, followed by May 18/June 29/July 11 lows at 79.00/13, and May 09 lows at 79.43. For the downside, closest support comes at recent session lows and 0.38 Fibo retrace of 78.13/78.73 up leg at 78.50, followed by July 23 highs and 0.5 retrace of same up leg at 78.43, and Monday's lows at 78.13.

Related Forex and Currencies Articles

• 
  Forex - EUR/USD dips on strong U.S. durable goods data
  5/24/2013 08:25 AM
• 
  Forex - EUR/USD erases losses but gains limited
  5/24/2013 07:26 AM
• 
  Forex - GBP/USD holds steady as Fed in focus
  5/24/2013 07:25 AM