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22 Nov 2013
USD/JPY retests 101.00 bids, 101.30+ double topside failure
FXstreet.com (Barcelona) - USD/JPY were unable to blast through exporters-related offers above 101.30, and after a double topside failure right at the exact same level - suggesting big cluster of orders above -, Asian traders gave up its attempts, with the pair retreating to retest bids at round number 101.00.
Tokyo traders came back from its lunch break unwinding Nikkei long positions, in a move typically perceived as profit-taking oriented after the Japanese Nikkei 225 had an excellent performance this week, claiming new 6-month highs.
Technically, the USD/JPY has broken its relationship with the tenkan-sen line, sending the pair towards 101.00, where the 20-day MA crosses, ahead of further bids expected at 101.90 (Nov 21 Europe's swing high). On the upside, buyers should continue to struggle from 101.30 up to 101.50, with only a clearance of the latter allowing 102.30 as next major target (May 28 high).
Tokyo traders came back from its lunch break unwinding Nikkei long positions, in a move typically perceived as profit-taking oriented after the Japanese Nikkei 225 had an excellent performance this week, claiming new 6-month highs.
Technically, the USD/JPY has broken its relationship with the tenkan-sen line, sending the pair towards 101.00, where the 20-day MA crosses, ahead of further bids expected at 101.90 (Nov 21 Europe's swing high). On the upside, buyers should continue to struggle from 101.30 up to 101.50, with only a clearance of the latter allowing 102.30 as next major target (May 28 high).