1. Hello Guest Click here to check FX Binary Point Financial Directory

USD/JPY: Heavily bid at Tokyo fix, month-end flows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Yen has been heavily offered at the Tokyo fix 00.50 GMT, which combined with some month-end flows, has taken the USD/JPY from a session low of 112.25 up towards 112.70 sticky resistance in the space of 10 minutes.

    Yen under pressure at the fix

    The move is mostly month-end flow related, given that the Nikkei 225 at the time did not, comparably, rise by the same magnitude, even if finding some bids, currently having given back all recent gains, to trade at +0.45% after a positive open, with bears capping further progress below the 17,000 handle.

    USD/JP key levels in Asia

    Given the overstretched nature of the bullish move, netting over 50 pips for the interest of bulls in a matter of minutes, a period of consolidation/retracement as demand dries up may be expected, with immediate support now seen at 112.50 ahead of more intraday support at 112.40 followed by 112.25 session low. On the upside, a break of 112.70 exposes 112.90 ahead of 113.00 offers.
    For more information, read our latest forex news.

Share This Page