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17 May 2013
USD/JPY in session highs above 103.00
FXstreet.com (Barcelona) - The USD dollar keeps pushing higher at the end of the trading week, lifting the cross to fresh highs above the handle at 103.00.
Despite the impressive upside in the cross, Currency Analyst Christopher Vecchio at DailyFX commented, “It is worth noting that retail traders remain aggressively long the Yen, with positioning thus suggesting that any strength seen in the Yen is worth fading”.
As of writing, USD/JPY is up 0.86% at 103.14 with the next resistance at 103.50 (low Sep.30 2008) followed by 103.54 (low Sep.16 2008) and then 105.40 (high Oct.6 2008).
On the downside, a breach of 102.68 (high May 16) would expose 102.08 (low May 17) and finally 101.83 (low May 16).
Despite the impressive upside in the cross, Currency Analyst Christopher Vecchio at DailyFX commented, “It is worth noting that retail traders remain aggressively long the Yen, with positioning thus suggesting that any strength seen in the Yen is worth fading”.
As of writing, USD/JPY is up 0.86% at 103.14 with the next resistance at 103.50 (low Sep.30 2008) followed by 103.54 (low Sep.16 2008) and then 105.40 (high Oct.6 2008).
On the downside, a breach of 102.68 (high May 16) would expose 102.08 (low May 17) and finally 101.83 (low May 16).