Forex Trading: USD/JPY And GBP/JPY Move Back Up

In some late buying the USD/JPY has moved back up and will close the day higher (89.21 was the close from yesterday).  This is the first higher close after 4 straight down days.  Today a lower low was made, but the pair was not able to make a new high.  As a result, although an up day, the bias can’t really be characterized as being overly bullish - in fact it is still bearish.  A move above the high for the day today at the 89.87 level will be needed to suggest a potential bottom is in place.

Meanwhile, the GBP/JPY was also able to pull itself up at the close.  That pair, which made new 14 year lows at 129.32, sold off to a low of 128.81, but was able to close back above the 129.32 level.  I guess it could have been worse, but the bounce so far is not exactly inspiring - especially when GBPJPY has large ranges.  So I would expect continued pressure on the pair for the time being.

Posted in Categories: Contributor, External Research, Forex, Japan, UK, USA.

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