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6 Aug 2013
USD/JPY stable above 98.00 but for how long?
FXstreet.com (New York) - The USD/JPY technical pair is trading in a narrow consolidation Tuesday, now stabilizing above the 98.00 level during the morning of US trading.
In the United States, the Redbook Index (YoY) (July 28) grew +3.7%, relative to a figure of 2.9% previously. Moreover, the Redbook Index (MoM) (July 28) has yielded a figure of +1.0%, compared to +0.8% previously.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has started to react lower, and has headed back into its cloud. The market is backing away from its 100.36 resistance line and the base of the cloud at 97.75/74 is exposed. Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable to further losses.”
USD/JPY technical levels
At the time of writing, the USD/JPY is presently operating at 98.11 Tuesday, falling at a rate of -0.11% off its opening. Technically speaking, the USD/JPY remains fortified by support at 97.97 and could test additional measures at 97.84, and 97.59. Alternatively, a movement to the upside will be tempered by resistances at 98.38, onto 98.66.
In the United States, the Redbook Index (YoY) (July 28) grew +3.7%, relative to a figure of 2.9% previously. Moreover, the Redbook Index (MoM) (July 28) has yielded a figure of +1.0%, compared to +0.8% previously.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has started to react lower, and has headed back into its cloud. The market is backing away from its 100.36 resistance line and the base of the cloud at 97.75/74 is exposed. Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable to further losses.”
USD/JPY technical levels
At the time of writing, the USD/JPY is presently operating at 98.11 Tuesday, falling at a rate of -0.11% off its opening. Technically speaking, the USD/JPY remains fortified by support at 97.97 and could test additional measures at 97.84, and 97.59. Alternatively, a movement to the upside will be tempered by resistances at 98.38, onto 98.66.