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16 Jul 2013
USD/JPY recovers the 99.50 mark
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been attempting to pare its losses incurred during the earlier sessions, following a stumble towards the 99.24 region (intraday low).
In the United States, the NAHB Housing Market Index (July) was reported at 57.0, beating estimates of only 52.0. Earlier today, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%.
In these moments, the USD/JPY is now operating at 99.54, still down -0.34%, though also above previous lows. The pair remains insulated by supports in the short-term at 99.19, ahead of 98.41, and finally 97.77, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY tends to the downside but is trading between Linear Regression Indicator 34 and 55. Despite the negativity of the stochastic, we see the pair entering oversold areas. Therefore, remaining neutral in our expectations is good at the meantime especially that Risk/Reward ratio isn’t appropriate here.”
In the United States, the NAHB Housing Market Index (July) was reported at 57.0, beating estimates of only 52.0. Earlier today, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%.
In these moments, the USD/JPY is now operating at 99.54, still down -0.34%, though also above previous lows. The pair remains insulated by supports in the short-term at 99.19, ahead of 98.41, and finally 97.77, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY tends to the downside but is trading between Linear Regression Indicator 34 and 55. Despite the negativity of the stochastic, we see the pair entering oversold areas. Therefore, remaining neutral in our expectations is good at the meantime especially that Risk/Reward ratio isn’t appropriate here.”