Forex - USD/JPY Flows: looks a little familiar, but longs are getting nervous

Published at 02:00 (GMT) 27 Nov

   

USD/JPY Flows: looks a little familiar, but longs are getting nervous (PKBC7701)

A similar situation to yesterday with the N225 opening lower and weighing a little more on USD/JPY, though it remains to be seen whether like yesterday the equity index can get back close to flat by the close. There are more indications that more USD/JPY longs are getting nervous and thinking that we could see a deeper pull-back before an eventual run higher to 120 and maybe beyond, though judging how deep that may be is obviously the hard part! Our latest longer term technical study has 117.04 as the near support level, a deeper correction seeing the next support at 113.84 which will be too much for many but probably the best that anyone looking to buy a dip can hope for. PB

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