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Aug 12 - 07:55 AM
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USD/JPY - Jittery USD/JPY Finds Support At 158.60, Bias Still Bullish
By Martin Miller — Aug 12 - 05:44 AM
• USD/JPY drops from 159.46 in Asia, briefly to 158.60 in London, before rebounding
• Some nervousness still over FX intervention but most say unlikely now
• Scope is growing for a bigger rise and break above the 159.59 level
• 159.59 is a 50% retrace of 163.99-155.20 intervention fueled slump
• However beware USD/JPY and EUR/JPY usually struggles in August
• USD/JPY and EUR/JPY tend to move in tandem, log
correlations are high above +0.5
Daily Chart
Correlation Chart
(Martin Miller is a Reuters market analyst. The views expressed
are his own)
Source:
London Stock Exchange Group | Thomson Reuters