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14 Aug 2013
USD/JPY eyes 98.00
FXstreet.com (Barcelona) - USD/JPY is slightly offered mid midday London markets
USD/JPY had been scoring 200 pips up by midweek, but has been capped at the highs of 98.44. the pair is losing steam as we aait the US session that doesn’t hold too much in the way of data that markets will be too concerned for in light of the jobs data coming up towards the end of the week. Greg Gibbs, strategist at RBS noted that arguably the yield spreads are more important for currencies at the short end of the curve where they directly effect hedging and carry costs. “…the rise in yields every where except Japan is consistent with the rebound in USD/JPY. The turn around in USD/JPY this week will have frustrated traders that may have been stopped out by surprising USD weakness last week that has this week reversed”.
USD/JPY capped at the 55 dma 98.47
USD/JPY ha managed to come into range of the 55 dma at 98.47 but this is proving a tough resistance area. The 20 dma is 98.45, 50 dma 98.32 and 200 dma 93.68. RSI (9) reads 52.13. Supports are ascending from 96.65, 96.86, 97.14, 97.45 and 97.95. Spot is currently 98.18 while resistances are 98.59, 98.78 and 99.15.
USD/JPY had been scoring 200 pips up by midweek, but has been capped at the highs of 98.44. the pair is losing steam as we aait the US session that doesn’t hold too much in the way of data that markets will be too concerned for in light of the jobs data coming up towards the end of the week. Greg Gibbs, strategist at RBS noted that arguably the yield spreads are more important for currencies at the short end of the curve where they directly effect hedging and carry costs. “…the rise in yields every where except Japan is consistent with the rebound in USD/JPY. The turn around in USD/JPY this week will have frustrated traders that may have been stopped out by surprising USD weakness last week that has this week reversed”.
USD/JPY capped at the 55 dma 98.47
USD/JPY ha managed to come into range of the 55 dma at 98.47 but this is proving a tough resistance area. The 20 dma is 98.45, 50 dma 98.32 and 200 dma 93.68. RSI (9) reads 52.13. Supports are ascending from 96.65, 96.86, 97.14, 97.45 and 97.95. Spot is currently 98.18 while resistances are 98.59, 98.78 and 99.15.