Back
29 Aug 2013
USD/JPY bounced sharply up to 98.75 Fibonacci resistance; max upside 98.01 now
FXstreet.com (Barcelona) - The USD/JPY rebounded sharply Wednesday after the U.S. ruled out unilateral attacks on Syria and forced some of the safe harbor money to be shifted back towards risk assets.
The Yen will have more data to digest in addition to Syria Thursday
While the risk-on / risk-off dynamic will clearly continue to have a big effect on USD/JPY until the Syria problem is solved, USD/JPY traders will have to react Wednesday to Japanese foreign investment data, Japanese retail trade, US GDP, Personal Consumption Expenditures, weekly Jobless Claims and a speech from the Fed’s Mr. Bullard.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook continues to be bearish according to technicians. Short-term resistance for USD/JPY comes in at 97.78 in the short-term and 98.04 above that. They have the ultimate downside target at 92.53, but their shorter-term support levels are 97.52 and 97.31 (both of which are Fibonacci retracement lines).
The Yen will have more data to digest in addition to Syria Thursday
While the risk-on / risk-off dynamic will clearly continue to have a big effect on USD/JPY until the Syria problem is solved, USD/JPY traders will have to react Wednesday to Japanese foreign investment data, Japanese retail trade, US GDP, Personal Consumption Expenditures, weekly Jobless Claims and a speech from the Fed’s Mr. Bullard.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook continues to be bearish according to technicians. Short-term resistance for USD/JPY comes in at 97.78 in the short-term and 98.04 above that. They have the ultimate downside target at 92.53, but their shorter-term support levels are 97.52 and 97.31 (both of which are Fibonacci retracement lines).