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13 Jun 2013
USD/JPY finds support around 93.75/80
FXstreet.com (Edinburgh) - The Japanese yen continues its strong correction against its American counterpart on Thursday, dragging USD/JPY to multi-week lows around 93.75/80.
Positioning is largely benefiting the USD/JPY
In the view of Currency Analyst Lee Hardman at BTMU, “We remain of the view that it is still likely a temporary correction although it is not yet clear that the position adjustment is complete. The next key area of support for USD/JPY is just below the 93.00-level which where the levels recorded just before the BoJ unveiled its more aggressive monetary easing stance on the 4th April”.
USD/JPY levels to watch
At the moment, the pair is retreating 1.85% at 94.23 and a violation of 93.75 (low Jun.13) would target 92.88 (38.2% of 75.31-103.74) en route to 92.72 (low Apr.3). On the flip side, resistance levels align at 96.09 (high Jun.13) and then 97.03 (high Jun.12).
Positioning is largely benefiting the USD/JPY
In the view of Currency Analyst Lee Hardman at BTMU, “We remain of the view that it is still likely a temporary correction although it is not yet clear that the position adjustment is complete. The next key area of support for USD/JPY is just below the 93.00-level which where the levels recorded just before the BoJ unveiled its more aggressive monetary easing stance on the 4th April”.
USD/JPY levels to watch
At the moment, the pair is retreating 1.85% at 94.23 and a violation of 93.75 (low Jun.13) would target 92.88 (38.2% of 75.31-103.74) en route to 92.72 (low Apr.3). On the flip side, resistance levels align at 96.09 (high Jun.13) and then 97.03 (high Jun.12).