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USD/JPY Could Retrace to 105.76

17-07-2008 - James Hyerczyk  |   General Overview
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The USD/JPY traded higher on Thursday as traders welcomed the friendly news from J.P. Morgan and lower crude oil.

The news from J.P. Morgan, better-than-expected, helped ease some of the concerns about the banking sector.

Traders were relieved as the good news lightened up concerns that credit losses will cut into bank earnings.

Traders flocked to the USD/JPY sending it beyond its expected retracement zone at 105.76 to 106.23.

The actual high at 107.08 may have been too much for this market at thistime, so expect a retracement down to solidify the recent bottom at 103.76.

Based on the short-term range,look for a pull-back to 105.76 to 105.25.

Negative news about Merrill Lynch which came out after the markets closed may trigger the start of the break overnight.

Any bad news from Citigroup or higher crude oil on Friday may break the USD/JPY further into the retracement zone.

Buyers will have to show up in this zone orthe downtrend will resume.
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor....

 
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Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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