by Tue, 17 May 2011 04:51:00 +0200
Forex: USD/JPY adds gains to peak at 81.20
FXstreet.com (Barcelona) - USD/JPY rallied to 81.20 after more investors dumped the Yen during the current session in light of the discouraging words from BoJ Governor, stating that the “economy is in severe state due to quake”.
The US Dollar has gained over 45 pips since the open of the Asian trade, now consolidating at day high following the break-up of the first upside hurdle at 81.10.
The pairs still need an extra 30+pips push above 81.50 to suggest a greater recovery is in the making. Watch for 81.00/10 to act now as interim support during the Asian hours up until European traders get to their desks.
| Technical Analysis (2011-05-17 02:30 GMT) | |
|---|---|
USD/JPY 81.21/81.22 - O: 81.005 H: 81.02 L: 80.96 C: 81.005 | |
| Trend | R3: 81.4377 |
 | R2: 81.2351 |
| R1: 81.0325 | |
| S1: 80.5925 | |
| S2: 80.7950 | |
| S3: 80.9975 | |
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