24 Jun 2013
USD/JPY shedding 50 pips on stops
FXstreet.com (London) - USD/JPY has fallen below 0.9800 handle and is held up at 97.80 support and previous session lows.
USD/JPY was reportedly topped out again on local corporations and exporters supply in Asia and drifted lower into the open. The pair was accelerating lower from steady supply from an Asian bank (London) triggering 2 waves of stops. Firstly this was through 98.25/30 and then more supply came in again through 98.00. 97.75. It stalled at that point and after a drift higher, and now the downside has been tested yet again around the time of the US data releases in Chicago Fed National Activity Index (May) printing -0.30 vrs -0.52.
USD/JPY Technicals bullish
Saeed Amen, strategist at Nomura said they keep a bullish view. RSI is moving higher, suggesting momentum is still in an upward direction and further gains are likely. Bandwidth continues to fall, indicating further range-bound trading. Their target is 99.20 (55D SMA) and top of the recent range. “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013
forecast of 110”, said Gareth Berry at UBS.
USD/JPY was reportedly topped out again on local corporations and exporters supply in Asia and drifted lower into the open. The pair was accelerating lower from steady supply from an Asian bank (London) triggering 2 waves of stops. Firstly this was through 98.25/30 and then more supply came in again through 98.00. 97.75. It stalled at that point and after a drift higher, and now the downside has been tested yet again around the time of the US data releases in Chicago Fed National Activity Index (May) printing -0.30 vrs -0.52.
USD/JPY Technicals bullish
Saeed Amen, strategist at Nomura said they keep a bullish view. RSI is moving higher, suggesting momentum is still in an upward direction and further gains are likely. Bandwidth continues to fall, indicating further range-bound trading. Their target is 99.20 (55D SMA) and top of the recent range. “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013
forecast of 110”, said Gareth Berry at UBS.