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Forex: USD/JPY rally interrupted, gently offered pre-BoJ

By FXstreet.com,  July 11, 2012, 08:19:00 PM EDT

FXstreet.com (San Francisco) - USD/JPY has developed a downside move in Asia following a 0.4% gain Wednesday. The bear pressure comes on the back of a broadly bid Japanese yen, having recovered around half of the previous days advances against the greenback.

The pair has traded down to a session low of 79.56 from 79.75 at the daily opening and has found support at the 200-EMA on the 4-hour chart.

However, as Valeria Bednarik, Chief Analyst at FXstreet.com notes: "BOJ will be the center of attention, as there is a small possibility they extend their facilities program, favoring more yen slide across the board."

If the yen does manage to give back early session gains in the hours ahead, Ms. Bednarik identifies resistance at 79.80, 80.10 and 80.30, with further support noted at 79.45 and 79.10.




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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