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Forex: USD/JPY loses 100 pips on the daily chart, low at 88.29

By FXstreet.com,  January 15, 2013, 07:15:00 AM EDT

FXstreet.com (Barcelona) - A wave of "risk off" is taking over the market and is affecting the USD/JPY, plunging to 88.29 low as the European morning ends after having failed at staying above the 89.00 handle during the Asian session. Today's daily range is of almost 140 pips and the market is currently losing 100 pips on the daily chart, as it opened at 89.45 and its current price is of 88.45.

Market participants will be watching closely the next fundamental events in the US session, including the holiday-period December retail sales, December PPI and January NY Empire State manufacturing data in the US.

"Penetration through previous high at 88.40 would risk an extension towards 88.00, Fib 61.8% and 4h 55 day EMA, loss of which would put near-term bulls on hold in favor of stronger reversal of rally from September 2012", wrote Windsor Brokers analyst Slobodan Drvenica.




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

Referenced Stocks:



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