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Jan 02 - 02:55 AM

USD/JPY - Bid In Asia, After The November/December Slide

By Andrew M Spencer  —  Jan 01 - 10:10 PM
  • Bid throughout the Asian session, trades up 0.5%, leading the USD higher

  • The huge earthquake in central Japan dominated the regional headlines

  • Tokyo is on holiday until Thursday, so liquidity was at a premium

  • Price action suggests profit-taking after the sharp decline in Nov/Dec

  • Charts show negative signals - Tenkan and Kijun lines slide

  • 5, 10 & 21-day moving averages track south with momentum studies

  • 141.92 Tenkan line and the high in London on Friday are the first resistance

  • A close above the 141.92 Tenkan line would target the 144.55 Kijun line

  • Asia's early 140.82 low and last week's 140.27 Dec trend low support

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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