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USD/JPY bounces from 79.21 low

By FXstreet.com,  July 10, 2012, 05:37:00 AM EDT

FXstreet.com (Barcelona) - The global economic slowdown and the Eurozone debt crisis keep the Japanese Yen at strong prices with increased demand. After retesting the 80.00 area last Friday, the USD/JPY has been weakening this week, and plunged all the way to 79.21 low during the European session, area considered as supportive for the pair.

Currently, the pair trades at 79.35 zone, but Commerzbank analysts expect a drop to 78.99: "We should allow for another retest of the 200 day ma at 78.99", wrote analyst Karen Jones.

On the upside, the 20-day moving average at 79.58 can hold buyers from retargeting 80.00.




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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