FXstreet.com (San Francisco) - USD/JPY napped higher Friday, climbing to a 4-day high of 78.10 from an earlier 2-week low of 77.42, likely on month-end demand, stalling just ahead of a 50% Fibonacci level at 78.15 which is confluent with the 21-day EMA.
“Not sure if it was organic or was engineered by our friends at the Ministry of Finance in order to allow corporates to revalue their books at the end of the quarter,” says Jamie Coleman, editor at ForexLive. “I would have expected them to hold off until the end of the Japanese fiscal year on Oct 31 before trying to push the dollar up.”
At the time of writing, USD/JPY is quoted in the 78.00 price zone, set to close around the figure for a third consecutive month. According to the FXMarketAlerts Team, resistance levels are noted at 78.24 (break level), 78.35 (21 Sep high) and 78.46 (20 Sep high). To the downside, support is noted at 77.7 (break level), 77.67 (11 Sep low) and 77.55 (27 Sep low).
“Not sure if it was organic or was engineered by our friends at the Ministry of Finance in order to allow corporates to revalue their books at the end of the quarter,” says Jamie Coleman, editor at ForexLive. “I would have expected them to hold off until the end of the Japanese fiscal year on Oct 31 before trying to push the dollar up.”
At the time of writing, USD/JPY is quoted in the 78.00 price zone, set to close around the figure for a third consecutive month. According to the FXMarketAlerts Team, resistance levels are noted at 78.24 (break level), 78.35 (21 Sep high) and 78.46 (20 Sep high). To the downside, support is noted at 77.7 (break level), 77.67 (11 Sep low) and 77.55 (27 Sep low).
