Friday, October 17, 2008
USD/JPY: Steady, Few Flows And Little Interest
Posted by rick de armour aka balun at Friday, October 17, 2008October 17.
SD/JPY has done little in Asia today. Initial moves were to the downside with a low of 101.12 seen very early on US fund sales in some of the JPY crosses. USD/JPY later bounced to 101.84 on the back of the rally in the Nikkei. It fell back later as the stock market rally fizzled. At 101.55/58 currently, it is slightly above mid-range and treading water.
Technically, the cross has held mostly above the Ichimoku tenkan line on the hourlies at 101.45 currently. More support is eyed at the 100-hour moving average at 101.23, near the session low. More support is eyed at 101.10, the base of the hourly Ichimoku cloud, and ahead of 101.00. Stops are tipped below the latter level. Daily chart shows its Ichimoku tenkan line at 100.58, right at next support eyed in the 100.50-60 area. Topside, offering interest is noted still ahead of 102.00 though stops are eyed above this level as well.