1 Aug 2013
USD/JPY totally flat for the week above 98 waiting NFP
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 98.23, off recent session lows at 97.64, totally flat for the week so far, awaiting for NFP data this coming Friday at 12:30 GMT.
USD/JPY stop-loss driven spikes to be selling opportunities
“Once more the bottom of the cloud near 97.55 has proven a step too far for the bears and we now look to the topside to see where possible trailing stops might lie,” said FXWW founder Sean Lee, adding: “Spike highs at 98.55 are the obvious level above which there might be stops, but sell orders are still being reported near 98.60/65. Remember also that macro-funds have been selling the Yen crosses, so I’d expect any stop-loss driven spikes in USD/JPY to be good selling opportunities.”
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session highs 98.30, followed by NY session weekly highs at 98.62, and July 16 lows at 98.87. To the downside, closest support lies at recent session lows 97.65, followed by Late London session weekly lows at 97.57, and June 26 lows at 97.20.
USD/JPY stop-loss driven spikes to be selling opportunities
“Once more the bottom of the cloud near 97.55 has proven a step too far for the bears and we now look to the topside to see where possible trailing stops might lie,” said FXWW founder Sean Lee, adding: “Spike highs at 98.55 are the obvious level above which there might be stops, but sell orders are still being reported near 98.60/65. Remember also that macro-funds have been selling the Yen crosses, so I’d expect any stop-loss driven spikes in USD/JPY to be good selling opportunities.”
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session highs 98.30, followed by NY session weekly highs at 98.62, and July 16 lows at 98.87. To the downside, closest support lies at recent session lows 97.65, followed by Late London session weekly lows at 97.57, and June 26 lows at 97.20.