Monday 29 June 2009

Forex: USD/JPY tests 95.60 resistance again

Mon, Jun 29 2009, 08:21 GMT (Barcelona) - After trading in a small range between 95.30 and 95.60 during the Asian session, USD/JPY is testing the 95.60 resistance again in the early European morning. The pair is recovering from 95.04, Friday low in the American session. Currently USD/JPY is trading around 95.50/60, 0.40% above today's opening price action.

Last week, USD/JPY fell 1.05% from 96.22 Monday opening price to close at 95.19 on Friday's session. The pair reached 96.57 as intra-week high and 94.88 as 4-week low.

Nicole Elliott, analyst at Mizuho Corporate Bank, comments: "The potential ‘head-and-shoulders’ within which prices have been working since March is still there as prices consolidate below the lower edge of the relatively large Ichimoku ‘cloud’ and above the ‘neckline’ and 26-week moving average. Maybe this week, certainly some time in July, we favour a test of the pivotal 94.00 area (and an eventual break below here)."

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