Currency Insights
USDJPY remains in buying list; next support level raised to 78.35 from previous 78.20
The strong US retail sales reduce the QE3 possibility to nearly zero towards the end of the year together with the earlier NFP expanded by 163,000. The greenback has benefited from that against its counterparties especially the Japanese Yen.
The Bank of Japan (BOJ) also said that the Euro Zone’s crisis is one of the major threats to the Japanese economy. Thus one of the options they could do is to intervene in the currency market to lower the JPY.
On the technical side, based on the H1 chart, I have raised the first support level to 78.35 from previous 78.20, while the second support at 78.00 remains unchanged. The next resistance is 78.90 and the second resistance at 79.20.
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