Forex News Traders

[Ataglance2]

17:37 USD/JPY: Stocks Pop Topside Stops; EUR/JPY Bid To Old Boots New York, February 20th. A sudden surge in US equities which flipped from down 0.6% to up 0.2% has driven EUR/JPY up through stops at 158.80 and range extension has carried it through to 159.18 highs. Overbought Bollinger bands at 159.25/55 are deterring the next leg up, and there is some reticence to follow equities blindly as they can easily cede what they have already gained in a blink of an eye. Traders are looking for clues, no particular names in the frame. Corporate offers at 158.95 and 159.10 were absorbed easily.
USD/JPY stops were run at 108.30 but follow through has been more subdued with heavy mega-city bank, and exporter offers retarding topside progress. Thick offers between 108.45-55 have been reported with stops above at 108.60. Spot has slipped back to 108.25, with EUR/JPY last at 159.00 as US equities slip back to plus 0.16%, off their 0.25% high.