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9 Aug 2013
USD/JPY capped 96.80
FXstreet.com (Barcelona) - USD/JPY has been testing the 96.70 territory with eyes for breaking up through 96.80, but so far there is little drive in the markets.
USD/JPY climbed throughout NA session to reach a high overnight at 96.98 but had since fallen back below the pivot, 96.49, and now oscillates between 96.60/78. “USD/JPY has fallen sharply over the past month but downside risks remain. Spec positioning remains heavily short JPY and seasonal factors may just be about to bite a little harder”, said research teams at TD Securities.
Yen strength
“The yen's strength is probably best ignored. Concerns about higher consumption taxes won't go away and yen shorts may not yet all have been squeezed out”, said Kit Jukes, Global Head of Currency Strategy at Societe Generale
USD/JPY RSI approaching critical 30
USD/JPY is perhaps able to take a breather to the downside while capped at 96.80. The 20 dma 98.73, 50 dma 98.44, 200 dma 93.42. RSI (9) reads 36.28. Supports are ascending 95.42, 95.59, 95.81, 96.23. Spot is currently 96.66 while resistances are 96.80, 96.98, 97.34, 97.55 and 97.88.
USD/JPY climbed throughout NA session to reach a high overnight at 96.98 but had since fallen back below the pivot, 96.49, and now oscillates between 96.60/78. “USD/JPY has fallen sharply over the past month but downside risks remain. Spec positioning remains heavily short JPY and seasonal factors may just be about to bite a little harder”, said research teams at TD Securities.
Yen strength
“The yen's strength is probably best ignored. Concerns about higher consumption taxes won't go away and yen shorts may not yet all have been squeezed out”, said Kit Jukes, Global Head of Currency Strategy at Societe Generale
USD/JPY RSI approaching critical 30
USD/JPY is perhaps able to take a breather to the downside while capped at 96.80. The 20 dma 98.73, 50 dma 98.44, 200 dma 93.42. RSI (9) reads 36.28. Supports are ascending 95.42, 95.59, 95.81, 96.23. Spot is currently 96.66 while resistances are 96.80, 96.98, 97.34, 97.55 and 97.88.