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26 Aug 2013
USD/JPY bull run stalled at 98.70
FXstreet.com (Edinburgh) -The USD/JPY recovery from lows around 98.30 seems to have lost fuel in the area of 98.70 so far, with the pair now hovering over 98.60/55.
USD/JPY focus on CPI data
The Japanese docket will be empty during the first half of the week, turning to very interesting towards Thursday and Friday, with key inflation figures, unemployment and housing data due. “If USD/JPY breaks trend resistance off the May peak at 99.35/40 USD/JPY’s rebound will likely extend to 102.80/85. The neckline at 97.69 is now initial support, 96.36 is major support”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
USD/JPY levels to watch
At the moment the pair is advancing 0.09% at 98.65 facing the next hurdle at 99.15 (high Aug.23) followed by 99.35 (61.8% of 101.54-95.81) and then 99.95 (high Aug.2). On the flip side, a breakdown of 98.03 (Tenkan Sen line) would open the door to 97.95 (MA200h) and finally 97.59 (low Aug.22).
USD/JPY focus on CPI data
The Japanese docket will be empty during the first half of the week, turning to very interesting towards Thursday and Friday, with key inflation figures, unemployment and housing data due. “If USD/JPY breaks trend resistance off the May peak at 99.35/40 USD/JPY’s rebound will likely extend to 102.80/85. The neckline at 97.69 is now initial support, 96.36 is major support”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
USD/JPY levels to watch
At the moment the pair is advancing 0.09% at 98.65 facing the next hurdle at 99.15 (high Aug.23) followed by 99.35 (61.8% of 101.54-95.81) and then 99.95 (high Aug.2). On the flip side, a breakdown of 98.03 (Tenkan Sen line) would open the door to 97.95 (MA200h) and finally 97.59 (low Aug.22).