USD/JPY retrenching; Exporters seen selling rallies

Source: www.forexlive.com

Japanese exporters have returned to the stage in USD/JPY for the first time in a while. They have offers from 98.80 up through 99.00, traders report. Mid-East accounts were rumored buyers in early US trade but ran into signficant offers in the 99.80/85 region. Given Japan’s rapidly contracting current account surplus, itis easy to understand why the exporters have been a smaller share of the market of late. They just are not exporting very much… 99.00 barrier options are rumored in USD/JPY as well, another roadblock for USD/JPY bulls. 98.20 is good support on dips for USD/JPY. There is hourly support plus the broken downtrend from last week now provides support on pullbacks.


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