USD/JPY: 109 down, 110 to go
Rowan Crosby • 1 min read
Yesterday I spoke about how I really liked the long term support level at 109 in the Yen. It’s been holding up over a fairly long period of time despite multiple attempts the break it.
Of course the more we test a level the more it is likely to break. However I felt that the recent attempts on 109 have all been on the back of North Korean news. Whenever there is a degree of uncertainty in the world money flows into the Yen as a risk-off type trade.
Has the Retrace Got Legs?
Yesterday we saw that the USD managed to retrace some of the losses it suffered in Tuesday’s trading session. The first target I had in mind was 109 which me managed to take out. The next is 110.
I’m interested in how the USD reacts when American traders come online. If we get a hint of further retracement, I’ll be looking to buy for a move to 109.50 then potentially 110.00