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USDJPY peeps below 107.00

The softer jobless claims have been blamed for the move

I'm not so sure that's the only reason. As has been the case, and as Adam pointed out with the CAD, oil has gone a long way towards evening out the losses seen over the last few days and is on it's highs as I type in both Brent and WTI.

Support around 106.85/90 is holding for now and we'll probably see more at the 106.60/65 level. We have the broken 38.2 fib of the 2011 rally and the 55 and 100 H1 ma's at 106.73 & 106.65.

We'll need to keep an eye on oil, if its rally continues but USDJPY doesn't stray far from 107. That will confirm that the options boys are fighting it out and that may mean that the pair joins the oil trade after.

USDJPY 15m chart

There's nothing more on the calendar until Bully Bullard at 15.50 GMT. Abe is officially due to speak in London at 13.00 GMT but those earlier comments may have been the speech or at least some doorstep comments.

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


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

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