Bulls run out of steam as yen begins to make gains
USD/JPY topped out at JPY91.25 on Monday morning, as the yen began to receive support on the back of profit taking. The pair now look to be continuing the retracement after breaking through the 50-day SMA of JPY90.68 as it goes in pursuit of the 38.2% mark (JPY90.41).
A similar picture is seen in EUR/JPY, but the down trend is less pronounced as bulls still look to be favouring long EUR positions. The pair touched a low of JPY121.6 on Monday, off a high of JPY122.28. The 50/100-day SMA are still offering support to the EUR, but a break lower could signal the beginning of a sharp retracement. Strength indicators are signalling a move to the downside, but await support lines to be broken.
Story provided by StockMarketWire.com