27 Jun 2013
USD/JPY testing resistance 97.91 / 98.00
FXstreet.com (London) - USD/JPY is opening London pushing through 97.91 resistance and the 98.00 handle.
USD/JPY’s next target is resistance 98.24. Gareth Berry at UBS said a weaker Yen Beckons on JGB Stability. He suggested yesterday, but poignantly that subdued JGB yields at a time when yields are rising elsewhere is a recipe for yen weakness, and thanks to last week's FOMC decision, events seem to be unfolding along these lines.
USD/JPY below 55 day ma
Karen Jones, analyst at commerzbank said we could see a small erosion through 98.80 towards the 100.00 zone, where she suspects that the rally will again struggle. She feels only an unexpected CLOSE above the 100.00 could neutralise their outlook and imply another test of the 103.74 May high.
USD/JPY’s next target is resistance 98.24. Gareth Berry at UBS said a weaker Yen Beckons on JGB Stability. He suggested yesterday, but poignantly that subdued JGB yields at a time when yields are rising elsewhere is a recipe for yen weakness, and thanks to last week's FOMC decision, events seem to be unfolding along these lines.
USD/JPY below 55 day ma
Karen Jones, analyst at commerzbank said we could see a small erosion through 98.80 towards the 100.00 zone, where she suspects that the rally will again struggle. She feels only an unexpected CLOSE above the 100.00 could neutralise their outlook and imply another test of the 103.74 May high.