FXstreet.com (Barcelona) - The USD/JPY has been trading softer throughout the day, yet sellers still appear to make half-hearted attempts to commit enough flows through next immediate support area at 93.25/30, where a reversal in the last 2 hours of trading has taken the price up above 93.50 again. The pair ends the day 0.32% lower.
As FXWW founder Sean Lee notes: "The heavy selling from earlier in the week above 94.00 does seem to be putting an interim top in place. Technical traders are still watching a possible H&S developing (see chart). Hedge fund Yen shorts are at quite extreme levels but Prime Brokers report that they have been adding to these already large positions post-G20.
As FXWW founder Sean Lee notes: "The heavy selling from earlier in the week above 94.00 does seem to be putting an interim top in place. Technical traders are still watching a possible H&S developing (see chart). Hedge fund Yen shorts are at quite extreme levels but Prime Brokers report that they have been adding to these already large positions post-G20.
