10 Jun 2013
USD/JPY gapped 3 big figures up to 0.9813/48 range
FXstreet.com (London) - Despite Japanese annualised GDP printing a better than expected number, USD/JPY rebounded strongly and is opening in European session 300 pips higher from last weeks low.
The GDP arrived at 4.1%, vrs 1% previous and an expectation of 3.4%. “USD/JPY’s strong rebound from 95.00 on Friday and also its failure to close below its daily cloud support suggests that very near term that we will see some bounce back early in the week,” explained analyst teams at Commerzbank. The team however expect near term rallies to struggle to regain the 55 day ma at 98.95. The general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60 which has been explained by teams at ICN.com
Levels
Without there being any top tier data today for the calendar, 97.80 and 97.50 comes as next support while we see if the pair can drift lower through the gap, otherwise advances to 99.00 the figure could be sighted as the target zone for the pair and last defences before the pair resumes the overall bull trend.
The GDP arrived at 4.1%, vrs 1% previous and an expectation of 3.4%. “USD/JPY’s strong rebound from 95.00 on Friday and also its failure to close below its daily cloud support suggests that very near term that we will see some bounce back early in the week,” explained analyst teams at Commerzbank. The team however expect near term rallies to struggle to regain the 55 day ma at 98.95. The general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60 which has been explained by teams at ICN.com
Levels
Without there being any top tier data today for the calendar, 97.80 and 97.50 comes as next support while we see if the pair can drift lower through the gap, otherwise advances to 99.00 the figure could be sighted as the target zone for the pair and last defences before the pair resumes the overall bull trend.