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28 Feb 2013
Forex: USD/JPY upside stalled at 92.40
The USD/JPY has been strengthening as the European morning ended and was preparing to pass the torch to the US. From 92.02 on a risk-off flow, the pair recovered and went as high as 92.40 on the NY opening. The market has been finding resistance there since the Asian session drop below it.
The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
“Yesterday's rise from 91.12 managed to test 92.80 resistance area and with the current peak at 92.71 my outlook is already bearish, for a slide towards 90.86”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor support at 91.95.
The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
“Yesterday's rise from 91.12 managed to test 92.80 resistance area and with the current peak at 92.71 my outlook is already bearish, for a slide towards 90.86”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor support at 91.95.