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13 Nov 2014
USD/JPY: Bulls take lead in headline-driven Tokyo
FXStreet (Bali) - Another whippy Asian session for the Japanese Yen, which remains overall firmer but driven on a headline-by-headline basis with the jury still out on when a snap election will be called and whether or not a planned sales tax hike will be delayed until mid 2017.
Jim Langlands, Founder at FXCharts, notes: "The short term indicators are rather non committal and the points to watch remain pretty much unchanged. In the longer term though, it should be noted that the daily indicators are overstretched on the topside and it could be that the dollar needs to correct a little lower before it can resume uptrend."
"115.25 and then 115.00 (100 HMA) will offer the first minor support levels, while on the topside will see sellers today at 115.80 and 116.00/10, which could well cap it once again", Jim added.
Jim Langlands, Founder at FXCharts, notes: "The short term indicators are rather non committal and the points to watch remain pretty much unchanged. In the longer term though, it should be noted that the daily indicators are overstretched on the topside and it could be that the dollar needs to correct a little lower before it can resume uptrend."
"115.25 and then 115.00 (100 HMA) will offer the first minor support levels, while on the topside will see sellers today at 115.80 and 116.00/10, which could well cap it once again", Jim added.