FXstreet.com (Barcelona) - Unable to touch the 79.00 psychological level and get ahead of it yesterday, the USD/JPY retraced back Monday's gains and tested Monday's NY close low, at 78.63. during the Asian session. The pair remains pressured and edging lower on the day.
Japan's Machine Tool Orders (YoY) improved from -3.0% (revised down from -2.7%) to -2.8% in September.
The USD/JPY has been eroding its cloud resistance which top is located at 79.00 mark, and a close above that level would be a first in six months. “We suspect that the market is tracing out a bullish falling wedge pattern longer term”, wrote analyst Karen Jones, stating that although potentially positive, Commerzbank analysts will allow for further consolidation and possible stabs lower while the market doesn't close above 79.00, and preferably above the 200 day moving average, at 79.39.
Japan's Machine Tool Orders (YoY) improved from -3.0% (revised down from -2.7%) to -2.8% in September.
The USD/JPY has been eroding its cloud resistance which top is located at 79.00 mark, and a close above that level would be a first in six months. “We suspect that the market is tracing out a bullish falling wedge pattern longer term”, wrote analyst Karen Jones, stating that although potentially positive, Commerzbank analysts will allow for further consolidation and possible stabs lower while the market doesn't close above 79.00, and preferably above the 200 day moving average, at 79.39.
