Tuesday, January 12, 2010

Forex: JPY flat vs Greenback, Asia firms but still down

FXstreet.com (London) - Nikkei remains down slightly off the open. The Japanese stock market has come back somewhat after gapping to the downside nearly 70 points, as shock waves were sent through the markets in earlier trade. Chinas early tightening cycle coupled with some iffy early financial reports have totally dampened mood for risk appetite.

USD/JPY is currently trading at 91.13, virtually flat on open. Yen weakness overriding USD weakness this session, and seemingly overcoming an early Dollar rally to session highs of 91.36. Low of the session is currently being hit as the pair drifts to the downside as I write, trading now at 91.07.

For key support and resistance levels Valeria Bednarik, collaborator at FXstreet.com, guides us: “pair should extend current upside movement if manages to break above first resistance around 91.40. Stocks could weight against the cross, and send it lower if further risk aversion is seen after Nikkei opening. Support levels: 91.00 90.60 90.30. Resistance levels: 91.40 91.80 92.30."

USD/JPY (Jan 13 at 05:20 GMT)

91.12/16 (0.18%)

H 91.35 L 90.87

[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

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