21 Nov 2013
USD/JPY testing 100.35/40 offers, Nikkei triangle breakout
FXstreet.com (Barcelona) - The Nikkei 225 is breaking a compressing pattern - triangle - to the upside in the first hour of trading in Tokyo, resulting in a recovery in all Yen crosses, with USD leading the pack.
Against the Yen, the USD is again threatening recent trend highs at 100.30/40, with a break above probably allowing an additional 20 pips room to run until faced with key 100.60 resistance - Sept 11 high -. Only a break from this last point may fuel further upward momentum towards 101.20/30 offers - July 8 peak -. On the downside, solid demand continues being reported sub 100.00.
Against the Yen, the USD is again threatening recent trend highs at 100.30/40, with a break above probably allowing an additional 20 pips room to run until faced with key 100.60 resistance - Sept 11 high -. Only a break from this last point may fuel further upward momentum towards 101.20/30 offers - July 8 peak -. On the downside, solid demand continues being reported sub 100.00.