Richard Perry
Independent Analyst
USD/JPY
The dollar seemingly replaced the yen as the market’s safe haven yesterday as Dollar/Yen held up well. A fairly wild, long legged doji reflects near term volatility but also given the move has pulled higher into today’s session, the basis of support is growing. A recovery is still developing and any move clear of 106.00 resistance would open 106.50 (an old key low) and 106.70 (the 50% Fib of the huge 112.20/101.20 sell-off). The hourly chart shows a higher low at 103.10 forming, whilst initial support is 104.50 now. Calling any market with conviction is a tough ask right now, but USD/JPY is looking to hold the recovery path.
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