12 Nov 2013
USD/JPY prints two-month high; China in focus
FXstreet.com (Athens) – The USD/JPY is trading steadily higher since the wake of the Wellington trading session, inspired by a 2.2% Nikkei rise.
USD/JPY towards 100.00 level; strong uptrend momentum due to USD bid, Nikkei gains
The USD/JPY is at the time of writing hovering around 99.73 level, not far away from its daily high as of 99.78 which is a frsh 2-month high. The uptrend rise of the cross could be partly attributed to the sharp Nikkei gains, but also to the fact that the greenback is generally well bid across the board. Last but not least, the cross might as well got a solid support due to the growing optimism which surrounds the outcome of the China’s 3rd Plenum result. Japanese PM Abe mentioned earlier through news wires that “Agreed with US Treas Sec Lew to finalize Trans-Pacific Partnership talks this year,” while he “declined to comment on whether he discussed FX moves with US' Lew. Also repeated of Oct US debt problems undesirable."
Technical Aspects on the USD/JPY
On the upper level, the cross should overcome the barrier as of 99.99 ( 12th September high), 100.62 (11th September high), as well as 101.05 (5th July daily high). Downwards, the first initial support resides at 99.10 (12th November low) followed by 89.92 (11th November low).
USD/JPY towards 100.00 level; strong uptrend momentum due to USD bid, Nikkei gains
The USD/JPY is at the time of writing hovering around 99.73 level, not far away from its daily high as of 99.78 which is a frsh 2-month high. The uptrend rise of the cross could be partly attributed to the sharp Nikkei gains, but also to the fact that the greenback is generally well bid across the board. Last but not least, the cross might as well got a solid support due to the growing optimism which surrounds the outcome of the China’s 3rd Plenum result. Japanese PM Abe mentioned earlier through news wires that “Agreed with US Treas Sec Lew to finalize Trans-Pacific Partnership talks this year,” while he “declined to comment on whether he discussed FX moves with US' Lew. Also repeated of Oct US debt problems undesirable."
Technical Aspects on the USD/JPY
On the upper level, the cross should overcome the barrier as of 99.99 ( 12th September high), 100.62 (11th September high), as well as 101.05 (5th July daily high). Downwards, the first initial support resides at 99.10 (12th November low) followed by 89.92 (11th November low).