We’ve just knocked through the orders at 103.80 as a little bit of selling enters the market, but we’ve held up at last Thursdays lows at 103.77. There”s more buying in place at 103.65 with stronger at 103.50.
On a short term basis we have a support line which comes in at 103.26 which may hold up any further falls.
USD/JPY h4 chart 23 12 2013
You’ll also note the 55 h4 ma at 103.30 just ahead of that support line.
EUR/USD has also just had a look at 1.3700 while USD/CHF has broken down through the early week lows at 0.8946 and is heading towards Friday’s lows at 0.8931.
USD/CHF m15 chart 23 12 2013
As we have been saying these moves are coming on thin markets so while they may be more choppy than normal look to the big orders and levels to contain.
The heat map is showing that volumes are colder than my turkey at the moment.
