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Forex: USD/JPY longs run to the exits; 88.62 new weekly low

By FXstreet.com,  January 14, 2013, 10:14:00 PM EDT

FXstreet.com (Barcelona) - The Yen appreciation continues unstoppable through Asian hours, averaging gains in the tune of 70-80 pips in less than 1 hour of trading. As reported earlier, the main cause sparkling the strong exit of longs/entry of shorts was the change of rhetoric by Japanese economic minister Mr. Amari, making the controversial comments that "Yen has corrected to levels in line with fundamentals..." The USD/JPY has broken an important line of support at 89.07/89.00, also taking out 88.75 Jan 11 double bottom to extend its fall as low as 88.63. Next key support is seen at 88.30, Jan 4 high. A recovery and stabiliation of prices above 89.07 is now a requirement should buyers regain confidence to attack recent highs.




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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