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USD/JPY low on weak US dollar

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Old 29-12-2011, 07:57
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Join Date: Jul 2011
Posts: 11
Default USD/JPY low on weak US dollar

The cross almost pared all the gains made in yesterday’s rally, topping overnight at 77.95 to fall since then as low as 77.69 along with the greenback.
US Initial/continuing jobless claims are due later on in the European afternoon although market participants will be focused in the 10-yr Italian bond auction as a gauge of the market confidence.

As of writing the cross is losing 0.30% at 77.70 facing the first support level at 77.56 (low Dec.28) ahead of 77.49 (low Dec.9) then 77.43 and 77.26
On the flip side, a breakout of 78.23 (high Dec.23) would bring 78.29 (high Nov.29) then 78.42 (high Nov.2) and 79.10 (high Nov.1).

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