USD/JPY retracing losses ahead of NY

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USD/JPY retracing losses ahead of NY

FITITOL--> FXstreet.com (Barcelona) - With the American session ahead, the USD/JPY starts to recover from early weakness. Having reached as low as 79.45 in the European session to test the 20-day moving average, the pair has risen to 79.70 area, still 15 pips from Monday’s opening.

ISM data is much expected in the NY session, with expectations of a drop of the headline figure, but still expansionary.
“After the unsuccessful test of 80.60 and the break of 79.80 the bias remains bearish for the zone 79.20-79.00”, wrote Deltastock.com analyst Stoyan Mihaylov, open to a possible intraday test of 80.60.