USD/JPY reverses; look at 120.50 for key support

The revised Japanese GDP data overnight was quite bad, but the reaction in the market short-lived, as the BoJ anticipated this and acted accordingly on October 31th. After a quick spike to 121.80, selling resumed and we’re now almost 100 pips lower from the Asia session high. According to the dealing banks, leveraged funds have been the main sellers and a decent bunch of stops have been triggered sub-121. Looking at the charts, 120.40 will now be the pivotal short-term support level, but we have also some Fibo support ahead of that level, at 120.59, which is the 50 % Fibo of the 119.32-121.85 rally.

USDJPY

The post USD/JPY reverses; look at 120.50 for key support appeared first on www.forextell.com.

Leave a Reply

Your email address will not be published.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