USDJPY At a Crossroad
2012
The USDJPY managed to hold its ground today despite of the fireworks elsewhere in the foreign exchange markets. The pair briefly touched the .78 level during the USD Retail Sales report only to recover quickly. The picture hasn't changed for the pair. Support is at 78 and Resistance is up at .7860. Until one of these levels are broken the range will remain in play. It is interesting to note that I read an article today that stated that 91% of all retail customers are long this pair. That would make any sustained move higher difficult at best. While shorting the cross is risky due to the possibility of government intervention.
Sup 78
Res 78.60
Keane Insight: Wait and see.
For access to Keane Insight’s and current trade stream http://wp.me/P2pFeJ-1IT .
First week is free. To follow on twitter look for THE KEANE @chrisfkeane
