Intra-Day Market Moving News and Views USD/JPY

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
24 Jan 2017 02:19GMT

USD/JPY - 112.83. The greenback finally pared yesterday's steep fall and staged a recovery to 113.14 on buying by Japanese importers on bargain hunting.

Despite intra-day brief but strong bounce to 114.07 in New York morning following Trump's comments on his broad economic plans (but lacking in details), renewed broad-based usd selling emerged and knocked the buck to 112.75, price later ratcheted lower to session low of 112.70 at the close before hitting a 7-week trough of 112.53 after hitting light stops below last week's low of 112.57.
However, lack of follow-through selling triggered broad-based short covering n lifted price back up to 113.14.

Expect range trading to continue before dlr continues its recent losing streak, so trading from short side is favoured.
Offers are tipped at 113.10/20 and more above with stops above 114.10.
Bids are noted at 112.60-50 with stops below there.

Pay attention to release of a slew of U.S. eco. data later in the day starting with Redbook retail sales, Markit mfg PMI and existing home sales.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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