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22 Feb 2013
Forex: USD/JPY higher on Friday but risks closing week lower
The USD/JPY recovered the 93.00 steadily as the market entered the Asian session, but the upside was limited to 93.40. A very paused price action followed and only recently some movement is seen, dropping to 93.20 and approaching the opening price of 93.11.
If the USD/JPY closes the week like this, it will be the widest weekly decline (50 pips) of the year, in a market that has been mostly edging higher every week. To retrace weekly losses, the USD/JPY has to return to 93.72.
“The market has recently met its target of 93.32/96 - the 38.2% retracement of the move down from 2007 but has just held sideways, upside pressure is maintained”, wrote Commerzbank analyst Karen Jones. “Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77. The TD resistance is 95.62”, she added.
If the USD/JPY closes the week like this, it will be the widest weekly decline (50 pips) of the year, in a market that has been mostly edging higher every week. To retrace weekly losses, the USD/JPY has to return to 93.72.
“The market has recently met its target of 93.32/96 - the 38.2% retracement of the move down from 2007 but has just held sideways, upside pressure is maintained”, wrote Commerzbank analyst Karen Jones. “Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77. The TD resistance is 95.62”, she added.