4 Sep 2013
USD/JPY sets to retest recent highs
FXstreet.com (Athens) - The USD/JPY is trading to the upper level, eyeing its recent highs as of 103.85.
Will the USD/JPY ahead of crucial US data and Syria’s issue, retest its recent highs?
The USD/JPY has relatively easily overcome the yesterday’s false Syria’s jitters, trading very near to the area of the 100.00. The American dollar was also well supported by the solid ISM figure. However, today we are ahead of the July’s trade balance and we get the ‘Beige Book’, which might give another clue whether the notorious ‘tapering’ will finally start ‘sooner’ or ‘later’. Last but not least, traders should be again aware of the Japanese currency sensitivity on news jitters, something very well depicted in yesterday’s trading session. Finally, in the US, Fed's Williams (non-voter) will hold a speech on the economy and monetary policy later on the day.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.74, up 0.18%, ‘eyeing’ the crucial resistance of 100.00 level. Tim Riddel, Head of Golbal Market Researsh, in ANZ suggest that “not unsurprisingly, the 100.00 level provides near-term resistance, but as long as dips remain above 98.50 (ideally above 99.10),the prospects of retesting the 103.85 recent highs, will increase”. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.
Will the USD/JPY ahead of crucial US data and Syria’s issue, retest its recent highs?
The USD/JPY has relatively easily overcome the yesterday’s false Syria’s jitters, trading very near to the area of the 100.00. The American dollar was also well supported by the solid ISM figure. However, today we are ahead of the July’s trade balance and we get the ‘Beige Book’, which might give another clue whether the notorious ‘tapering’ will finally start ‘sooner’ or ‘later’. Last but not least, traders should be again aware of the Japanese currency sensitivity on news jitters, something very well depicted in yesterday’s trading session. Finally, in the US, Fed's Williams (non-voter) will hold a speech on the economy and monetary policy later on the day.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.74, up 0.18%, ‘eyeing’ the crucial resistance of 100.00 level. Tim Riddel, Head of Golbal Market Researsh, in ANZ suggest that “not unsurprisingly, the 100.00 level provides near-term resistance, but as long as dips remain above 98.50 (ideally above 99.10),the prospects of retesting the 103.85 recent highs, will increase”. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.