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Forex technical analysis: USDJPY pressure remains, but stocks awaited

Discussion in 'Technical Analysis' started by ForexLive, Jan 5, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Reacting to equities The USDJPY seems to be the currency of choice as long as equities are declining. That has been the pattern of late at least. In the Asia-Pacific session, the major indices were higher on the day. The Shanghai composite index - which was down 6.8% on the first day of the year - was positive as was the Nikkei. That helped the USDJPY rise. However, that rally stalled at the 50% retracement of the move down from the Dec 30 high ( see chart below) and a reversing stock market, has led to the pair moving back down.

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