Start your Binary Trading income NOW!!!

Sponsored by Nuffnang.com

Saturday, January 27, 2007

USD/JPY: JPY Cross Demand Underpins USD/JPY

USD/JPY is trading at 121.55/57 and at the upper half of today's range but good offers remain at 121.65 and 121.80 that will slow any ascent. Helping underpin USD/JPY is cross JPY performance with AUD/JPY at NY session highs of 94.04 and approaching resistance at overnight highs around 94.15.

CAD/JPY broke the 200-day moving average at 102.98 earlier and is at session highs of 103.03. NZD/JPY has rallied off session lows of 84.10 this morning and is at 84.63 with GBP/JPY also bouncing back after selling ahead of the London fix, to trade at 238.28.

EUR/JPY has bounced as well and is testing 157.00. A break above this level targets the offers at 157.25/30. US Treasury comments condoning Japan"s easy monetary policy and expectations that the BOJ will not hike rates after the soft CPI data is fostering fresh JPY selling interest.

No comments: