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20 Feb 2013
Forex: USD/JPY hovering over 93.50/55
The Japanese yen continues to lose ground against the greenback on Wednesday, despite the increased risk aversion, pushing the cross above the 93.50 region.
According to William Moore, Technical Markets Strategist at RBS, “This zone between 93.75 and 94.77 is also exactly where the projected target lies from the inverse head and shoulders target”. The expert adds that a weekly close below 92.32 would be indicative of a potential reversal.
USD/JPY is flat at 93.57 with the next hurdle at 93.83 (high Feb.20) ahead of 93.96 (high Feb.19) and then 94.22 (high Feb.18).
On the downside, a dip below 93.12 (low Feb.20) would accelerate the descent towards the psychological mark at 93.00 and then 92.22 (low Feb.15).
According to William Moore, Technical Markets Strategist at RBS, “This zone between 93.75 and 94.77 is also exactly where the projected target lies from the inverse head and shoulders target”. The expert adds that a weekly close below 92.32 would be indicative of a potential reversal.
USD/JPY is flat at 93.57 with the next hurdle at 93.83 (high Feb.20) ahead of 93.96 (high Feb.19) and then 94.22 (high Feb.18).
On the downside, a dip below 93.12 (low Feb.20) would accelerate the descent towards the psychological mark at 93.00 and then 92.22 (low Feb.15).