Flows and Orders/FXWW News/JPY crosses/USD/JPY

USD/JPY trading sideways after weekend elections

The Japanese PM won the expected majority in weekend elections but early attempts to buy USD/JPY have failed and the pair is sitting close to Friday’s closing levels.

The short-term range edges are at 99.80/100.80 and we can expect to see stop-losses either side. Dealers are moderately bearish in the short-term, saying that the market was long heading into the event and the most immediate danger is for a buy-the-rumour-sell-the-fact conclusion.

I’m not getting involved in USD/JPY at the moment; I’m overall bearish on the USD but I’m unsure what the Yen crosses will do.

  1. Hi Sean,

    Have you noticed the price action on USD/JPY ? It looks weak this morning : it is back under 100.00 and it didn’t maintain above 100.50 (previous resistance). It could be interesting to watch this cross for the next sessions under 99.50 and sell again on rallies EUR/JPY ? On the technical side (see chart), we have picture two trendlines on the daily chart : bullish trendline from 9700-9815, bearish trendline from 103.75-101.50

    http://img24.imageshack.us/img24/7365/2e2y.jpg

Leave a Reply

Your email address will not be published. Required fields are marked *