USD/JPY movement is skewed to the downside after a shallow recovery out of the 120.00 area. Middle Eastern interest was tipped as the reason for thebounce out of the lows. The recovery was relatively shallow, with the pair struggling to extend beyond the 120.35 area.
Price action has turned choppy around the 120.30 area, yet with a bias towards another test of 120.00.System funds and proprietary based sellers remain at 120.50 behind interbank interest coming in around the 120.35/40 area.
Larger size selling pressure is not expected to emerge until the high 121's or on a clean break of 120.00. Behind 120.00 there is considerable interest to sell at 119.80. Currently, Japanese real money names and quasi-official activity appears to be taking the edge off of price action.
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