28 Jun 2013
USD/JPY testing 55 day ma
FXstreet.com (London) - USD/JPY has been as high as 99.03 over night and is bid in the London opening hour.
USD/JPY had suffered slightly on improvement in Japans housing sector, but that was short lived and the pair has recovered from 98.65 to test 99.90 and 99.00 again. There is little on the calendar left for the pair today, except for several Fed speeches. These are likely to reiterate that the Fed still sees the first rate hike far away. Also the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
USD/JPY testing 55 day ma
USD/JPY continues to hold just below the 55 day ma at 99.06. Karen Jones continues to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement. She said that failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. There is conflicting evidence on the intraday charts she said, and her conviction is low at this point. It is possible that we will see small erosions through 98.80 towards the 100.00 zone, where they suspect that the rally will again struggle.
USD/JPY had suffered slightly on improvement in Japans housing sector, but that was short lived and the pair has recovered from 98.65 to test 99.90 and 99.00 again. There is little on the calendar left for the pair today, except for several Fed speeches. These are likely to reiterate that the Fed still sees the first rate hike far away. Also the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
USD/JPY testing 55 day ma
USD/JPY continues to hold just below the 55 day ma at 99.06. Karen Jones continues to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement. She said that failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. There is conflicting evidence on the intraday charts she said, and her conviction is low at this point. It is possible that we will see small erosions through 98.80 towards the 100.00 zone, where they suspect that the rally will again struggle.