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Forex: USD/JPY dip only corrective; bias still bullish – V.Bednarik

By FXstreet.com,  January 15, 2013, 06:29:00 PM EDT

FXstreet.com (San Francisco) - The Japanese yen closed higher against the dollar Tuesday in a relief rally, ending at 88.77 from 89.46. "While the hourly chart shows indicators standing at neutral territory with no upward momentum, the bullish bias persists in the pair, as latest dip seems just corrective," explains Valeria Bednarik, Chief Analyst at FXstreet.com.

The analyst also says that USD/JPY must regain the 89.30 price zone to regain the previous bullish momentum and attempt a run toward 90.00. However, more immediate bullish targets lie at 89.00, 89.30 and 89.65, while support comes in at 88.70, 88.30 then 88.00. Fundamentally speaking, Japan's Domestic Corporate Goods Price Index, and Machinery Orders figures are on offer at 23:50.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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