24 Sep 2013
USD/JPY pulling back away from 99.52 resistance as Yen sees safety inflows
FXstreet.com (Barcelona) - It’s the Yen and not the US Dollar that is being seen as the place to go when things get dicey globally.
USD/JPY bears winning the tug-of-war here in the short-term
As long as the “risk off” trade is en vogue, both the Yen and the greenback will likely see inflows. When it comes to one or the other, however, global players are favoring the Yen as THE safe harbor when the seas get rough.
USD/JPY Traders will focus all their attention on US data and politics on Tuesday. They will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday as well as the toxic news flow out of Washington regarding the budget, debt ceiling and Obamacare.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in now working its way lower for a test of support at 97.76, but short-term support comes in at Monday’s low of 98.64. Resistance is 99.52.
USD/JPY bears winning the tug-of-war here in the short-term
As long as the “risk off” trade is en vogue, both the Yen and the greenback will likely see inflows. When it comes to one or the other, however, global players are favoring the Yen as THE safe harbor when the seas get rough.
USD/JPY Traders will focus all their attention on US data and politics on Tuesday. They will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday as well as the toxic news flow out of Washington regarding the budget, debt ceiling and Obamacare.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in now working its way lower for a test of support at 97.76, but short-term support comes in at Monday’s low of 98.64. Resistance is 99.52.