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11 Apr 2013
Forex: USD/JPY comes into contact with 99.55/60 weak demand
FXstreet.com (Barcelona) - USD/JPY is going through some mild selling pressure in the first hour of Tokyo trading, with the pair just coming into contact with some remaining unfilled orders around the 99.55/60 area, which looks quite weak to hold the correction, as per the first initial reaction out of the level.
As pointed earlier on our Asia 'smart money' report: "While trying to join the uptrend at current levels will not be for the faint-hearted, if really interested, two demand levels on the 5m timeframe have been spotted through the last American session. First at 99.60/55 - although not fresh anymore as unfilled orders are thought to have been filled on subsequent retests-, while the second one comes at the 99.47/41. More demands are not noted until far below..."
As pointed earlier on our Asia 'smart money' report: "While trying to join the uptrend at current levels will not be for the faint-hearted, if really interested, two demand levels on the 5m timeframe have been spotted through the last American session. First at 99.60/55 - although not fresh anymore as unfilled orders are thought to have been filled on subsequent retests-, while the second one comes at the 99.47/41. More demands are not noted until far below..."