13 Jan 2014
USD/JPY blows stops below 103.80
FXstreet.com (Bali) - USD/JPY is trading heavy in Asia, with thin market conditions - Tokyo closed - leading to an acceleration of losses.
The sell-off post the US NFP report has extended following the break of 103.80, where large stop loss orders were tripped, facilitating the test of next big support area at 103.60, daily kijun.
Break of kijun daily exposes week of bearishness towards Dec 18 low at 102.65, 1 cent below current price before finding next troubling area, thus suggesting sellers may be tempted to build short term positions on this short term opportunity.
The sell-off post the US NFP report has extended following the break of 103.80, where large stop loss orders were tripped, facilitating the test of next big support area at 103.60, daily kijun.
Break of kijun daily exposes week of bearishness towards Dec 18 low at 102.65, 1 cent below current price before finding next troubling area, thus suggesting sellers may be tempted to build short term positions on this short term opportunity.