24 Oct 2013
USD/JPY consolidates around 98.40
FXstreet.com (Athens) – The USD/JPY has been trading under pressure since the kick-off of the European trading session but still well above the 200-daily MA.
USD/JPY hovers around 98.40 area ahead of US data
The USD/JPY is trading at a very confined area the last couple of hours around the 98.30-98.40 zone. However, despite the fact that Nikkei closed on a positive ground (+0.42%), the cross hasn’t gained enough uptrend momentum to run away from its 200-daily MA (97.29). Elsewhere, Japanese PM Abe said through news wires that “he wants to make an appropriate decision on 10% sales tax. Such decision will consider 3Q growth of 2014,” while also added that “salaries fell further than prices amid deflation. Will continue to ask companies to raise wages.”
Technical Aspects on USD/JPY
Karen Jones Head Technical Analyst of Commerzbank, mentions that the USD/JPY “has dived lower to reach the 200 day ma at 97.32, this guards the current October low at 96.55 and the six month support line at 95.90. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break down through 95.88, but there is scope to test this level.”
USD/JPY hovers around 98.40 area ahead of US data
The USD/JPY is trading at a very confined area the last couple of hours around the 98.30-98.40 zone. However, despite the fact that Nikkei closed on a positive ground (+0.42%), the cross hasn’t gained enough uptrend momentum to run away from its 200-daily MA (97.29). Elsewhere, Japanese PM Abe said through news wires that “he wants to make an appropriate decision on 10% sales tax. Such decision will consider 3Q growth of 2014,” while also added that “salaries fell further than prices amid deflation. Will continue to ask companies to raise wages.”
Technical Aspects on USD/JPY
Karen Jones Head Technical Analyst of Commerzbank, mentions that the USD/JPY “has dived lower to reach the 200 day ma at 97.32, this guards the current October low at 96.55 and the six month support line at 95.90. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break down through 95.88, but there is scope to test this level.”