Persistent yen buying today is weighing on core pairs

USDJPY has dropped through 113.00 to a low of 112.88 as yen buying keeps the pressure on. Both EURJPY and GBPJPY are at respective lows. EURUSD is languishing around the lows of 1.1969 after another test and fail at 1.2000 reached 1.2010 before sellers stepped in.

Back to USDJPY and we’ve been held up by the 55 & 100 H$ Ma’s at 112.88, so they’ve nailed the low on the dot.

USDJPY H4 chart

USDJPY H4 chart

The 55 DMA is also in the vacinity at 112.95 and we’re just struggling to get back above as I type. A close below/above might be the more important factor here.

112.50 is our friens that needs watching if we do continue down, and then 112.00 is looking strong still, should we see an accellerated move.

In the bigger picture, we’re still very much range bound and suffering from a lack of volatility, as I spoke about with the guys at Core Finance earlier today;

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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