USDJPY a disappointment
In a week that saw the BOJ “ease” by raising the liquidity available in the banking sector, the upside move for the USDJPY has been a disappointment. The pair reached a high in the first hour of trading for the week at 90.83. On Thursday the high reached 90.77. Today, the high could only reach 90.70. The low extended to 89.75 but that was for a single hour.
The good news is the price was able to close above the 100 day MA on each of the days but not without a few instances where the price dipped below intraday. Currently the price is at the converged 100 and 200 hour MA which come in at the 90.37 level. The market price has settled at that level which is congruent with the overall activity this week.
So will we get the awaited move to the upside for the pair with the target focused on the 200 day MA test at the 91.68 level, or will the market get disappointed and throw in the towel? The market may be leaning to the latter as it certainly had the opportunity to spurt higher this week. .
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