23 Aug 2013
USD/JPY catapults higher to 99.00 region
FXstreet.com (New York) - The USD/JPY foreign exchange rate surged higher Friday morning, building on yesterdays robust gains, moving in conjunction with a rising Nikkei (+1.87%) during Asian trading.
At this juncture, the USD/JPY is now navigating the region of 98.94 presently advancing at a rate +0.19% above its opening. Briefing the technicals, the USD/JPY advance will remain capped by resistances at 98.95 (August 17 low), onto 99.11 (August 5 high), and 99.42 (June 28 high).
USD/JPY strategic bias
According to Ivan Delgado, Head of Asian Editors at FXstreet.com, “The USD/JPY has broken through 98.80 critical juncture, confirming early clues that there is a structural change taking place, with the sequence of LL and LH initiated off July highs no longer valid. The upside resolution, which follows a squeeze higher coupled with multiple test of breakout line, indicates a legitimate breakout is underway, expecting follow through for next target at 99.10 and beyond, subject to behavior in Nikkei 225 under current session and UST later today. On the downside, expect dips to be seen as buying opportunities as long as 98.30 - recent swing low H1 - not lost.”
At this juncture, the USD/JPY is now navigating the region of 98.94 presently advancing at a rate +0.19% above its opening. Briefing the technicals, the USD/JPY advance will remain capped by resistances at 98.95 (August 17 low), onto 99.11 (August 5 high), and 99.42 (June 28 high).
USD/JPY strategic bias
According to Ivan Delgado, Head of Asian Editors at FXstreet.com, “The USD/JPY has broken through 98.80 critical juncture, confirming early clues that there is a structural change taking place, with the sequence of LL and LH initiated off July highs no longer valid. The upside resolution, which follows a squeeze higher coupled with multiple test of breakout line, indicates a legitimate breakout is underway, expecting follow through for next target at 99.10 and beyond, subject to behavior in Nikkei 225 under current session and UST later today. On the downside, expect dips to be seen as buying opportunities as long as 98.30 - recent swing low H1 - not lost.”