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26 Jun 2013
Flash: USD/JPY: further short-term declines not ruled out - DailyFX
FXstreet.com (Córdoba) - The USD/JPY slid to daily lows in the vicinity of 97.30 as the knee-jerk reaction to the US GDP final revision, which showed the economy grew at a slower pace than previously estimated.
Christopher Vecchio, Currency Analyst at DailyFX, notes that there appears to be a short-term topping pattern forming for the USD/JPY, with a Head & Shoulders pattern possible on a break of 96.80 targeting pre-FOMC lows near 95.00.
"If US yields continue to fall in the wake of today's disappointing growth report, further short-term declines in USDJPY should not be ruled out, despite the longer-term bullish implications of the Fed's policy meeting last Wednesday", Vecchio added.
Christopher Vecchio, Currency Analyst at DailyFX, notes that there appears to be a short-term topping pattern forming for the USD/JPY, with a Head & Shoulders pattern possible on a break of 96.80 targeting pre-FOMC lows near 95.00.
"If US yields continue to fall in the wake of today's disappointing growth report, further short-term declines in USDJPY should not be ruled out, despite the longer-term bullish implications of the Fed's policy meeting last Wednesday", Vecchio added.