FXstreet.com (San Francisco) - Strong US retail sales boosted the dollar and enabled USD/JPY to finally manage to push above resistance at 78.80, a level that had previously caped rallies over the last couple of weeks, but the pair climb to as high as 78.93 on Tuesday, stalling at the 55-day EMA.
From Sean Lee, founder of FXWW: “Corporate offers are still very heavy through 79.00 but stop-loss orders are reported above 79.15. Buying dips back towards the semi-official bids at 78.00 remains the preferred strategy here but I will avoid buying breaks until all of the Yen crosses turn around as well.”
From Sean Lee, founder of FXWW: “Corporate offers are still very heavy through 79.00 but stop-loss orders are reported above 79.15. Buying dips back towards the semi-official bids at 78.00 remains the preferred strategy here but I will avoid buying breaks until all of the Yen crosses turn around as well.”
