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Jul 28 - 05:55 PM

USD/JPY - Fleeting High On Fed Statement Fades As Tapering Gets Put Off

By Randolph Donney  —  Jul 28 - 03:54 PM
  • USD/JPY spiked to its 110.29 high on EBS in a knee-jerk Fed reaction

  • Longer look at statement, Powell's comments send prices lower

  • High just shy of Tuesday's high, 21-DMA & Kijun dims the recovery

  • But this and last week's lows both well bought by key Fibos nL1N2P412E

  • Key support at 109.57, the 50% Fibo by 100-DMA and Tuesday's low

  • The 61.8% Fibo at 109.075 and July's 109.07 trough are next

  • Bulls on back foot if risk-on flows funded with yen shorts don't revive

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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