Back
15 Feb 2013
Forex: USD/JPY corrects from highs
After an impressive rally, the dollar is correcting from highs versus the yen amid some profit taking as the dust settles ahead of the weekend. USD/JPY rose over 150 pips from the 92.20 area toward a high of 93.83 in the wake of the G20 draft, with made no mention of a pledge to avoid currency manipulation.
However, the pair found resistance and pulled back from highs to currently quote at the 93.50 area, still up 0.7% on the day. USD/JPY is also on track to close its eighth consecutive week with gains, this time for 0.9%.
On the upside, once above 93.85, next resistances are seen at 94.00 (psychological level) and 94.45 (Feb 11 high). On the downside, supports could be found at 93.35 (100-hour SMA), 93.00(psychological level) and 92.60 (intraday level).
However, the pair found resistance and pulled back from highs to currently quote at the 93.50 area, still up 0.7% on the day. USD/JPY is also on track to close its eighth consecutive week with gains, this time for 0.9%.
On the upside, once above 93.85, next resistances are seen at 94.00 (psychological level) and 94.45 (Feb 11 high). On the downside, supports could be found at 93.35 (100-hour SMA), 93.00(psychological level) and 92.60 (intraday level).