12 Nov 2013
USD/JPY may be ready for next shot higher after sleepy drift lower during US session
FXstreet.com (Barcelona) - The US session was very thinly traded for Veteran’s Day and the lack of liquidity was a great time for the type of drifting action in USD/JPY we saw Monday.
USD/JPY traders get some data points off of which they can trade Tuesday
USD/JPY traders are reacting to Japan’s bearish Tertiary Industry Index data by sending the USD/JPY higher (due to Yen weakness). Later in the day during the US trading session, they will be reacting to the Chicago Fed National Activity Index.
Technical outlook for USD/JPY
Technicians say USD/JPY seems to have finished its downside correction at the 50% retracement of the up move that took place from 07:00 GMT to 15:00 GMT Monday. They say the next up move should take the cross up to 99.50 (based on Elliott Wave projections).
USD/JPY traders get some data points off of which they can trade Tuesday
USD/JPY traders are reacting to Japan’s bearish Tertiary Industry Index data by sending the USD/JPY higher (due to Yen weakness). Later in the day during the US trading session, they will be reacting to the Chicago Fed National Activity Index.
Technical outlook for USD/JPY
Technicians say USD/JPY seems to have finished its downside correction at the 50% retracement of the up move that took place from 07:00 GMT to 15:00 GMT Monday. They say the next up move should take the cross up to 99.50 (based on Elliott Wave projections).