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5 Feb 2015
USD/JPY back off the Greek lows on 117.00
FXStreet (Guatemala) - USD/JPY is currently trading at 117.22 with a high of 117.35 and a low of 117.16.
USD/JPY is crawling back the losses over the Greek news and has climbed away from the 117 lows that threatened the handle as investors swam for safety in a risk off environment. Nevertheless, the recent move lower adds to the downward momentum building up from 118.80's, the short term key resistance, and we keep the 116.8 in focus as next target through the psychological 117.00 level.
Meanwhile, below we have the critical support of the recent ranges which comes as the mid Dec115.50 and below that we are looking at a retracement towards 113.50/111.55. However, Karen Jones, chief analysts at Commerzbank said, "But currently the Elliott wave count is suggesting that 115.50 will hold."
USD/JPY is crawling back the losses over the Greek news and has climbed away from the 117 lows that threatened the handle as investors swam for safety in a risk off environment. Nevertheless, the recent move lower adds to the downward momentum building up from 118.80's, the short term key resistance, and we keep the 116.8 in focus as next target through the psychological 117.00 level.
Meanwhile, below we have the critical support of the recent ranges which comes as the mid Dec115.50 and below that we are looking at a retracement towards 113.50/111.55. However, Karen Jones, chief analysts at Commerzbank said, "But currently the Elliott wave count is suggesting that 115.50 will hold."