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27 Sep 2013
USD/JPY in weekly lows around 98.20
FXstreet.com (Edinburgh) -The USD/JPY intensifies its weekly decline on Friday, hovering over the area of 98.25/20 after hitting highs around 98.80.
USD/JPY weaker as dollar tumbles
The increased bearishness surrounding the greenback in recent sessions helped the pair to correct sharply lower since early September peaks near 100.60. Also comments from Japanese finmin Aso ruling out a corporate tax rate cut in the near term added extra buying pressure to the yen. Data-wise, the key inflation figures published this morning showed the critical CPI ex-Fresh Food rising at an annual pace of 0.8% in September – highest since November 2008 - exceeding estimates and August’s print at 0.7%. According to Derek Halpenny, European Head of Global Markets Research at BTMU, “The Tankan next week (improving confidence) and the confirmation of the sales tax will help encourage yen selling but of course US politics may be more influential for the yen initially at least”.
USD/JPY levels to watch
The pair is now losing 0.66% at 98.33 with the next support at 97.76 (low Sep.18) followed by97.65 (cloud base) and then 97.45 (low Aug.29). On the flip side, a breakout of 99.14 (high Sep.26) would open the door to 99.18 (high Se.24) and finally 99.67 (high Sep.20).
">USD/JPY intensifies its weekly decline on Friday, hovering over the area of 98.25/20 after hitting highs around 98.80.
USD/JPY weaker as dollar tumbles
The increased bearishness surrounding the greenback in recent sessions helped the pair to correct sharply lower since early September peaks near 100.60. Also comments from Japanese finmin Aso ruling out a corporate tax rate cut in the near term added extra buying pressure to the yen. Data-wise, the key inflation figures published this morning showed the critical CPI ex-Fresh Food rising at an annual pace of 0.8% in September – highest since November 2008 - exceeding estimates and August’s print at 0.7%. According to Derek Halpenny, European Head of Global Markets Research at BTMU, “The Tankan next week (improving confidence) and the confirmation of the sales tax will help encourage yen selling but of course US politics may be more influential for the yen initially at least”.
USD/JPY levels to watch
The pair is now losing 0.66% at 98.33 with the next support at 97.76 (low Sep.18) followed by97.65 (cloud base) and then 97.45 (low Aug.29). On the flip side, a breakout of 99.14 (high Sep.26) would open the door to 99.18 (high Se.24) and finally 99.67 (high Sep.20).
USD/JPY weaker as dollar tumbles
The increased bearishness surrounding the greenback in recent sessions helped the pair to correct sharply lower since early September peaks near 100.60. Also comments from Japanese finmin Aso ruling out a corporate tax rate cut in the near term added extra buying pressure to the yen. Data-wise, the key inflation figures published this morning showed the critical CPI ex-Fresh Food rising at an annual pace of 0.8% in September – highest since November 2008 - exceeding estimates and August’s print at 0.7%. According to Derek Halpenny, European Head of Global Markets Research at BTMU, “The Tankan next week (improving confidence) and the confirmation of the sales tax will help encourage yen selling but of course US politics may be more influential for the yen initially at least”.
USD/JPY levels to watch
The pair is now losing 0.66% at 98.33 with the next support at 97.76 (low Sep.18) followed by97.65 (cloud base) and then 97.45 (low Aug.29). On the flip side, a breakout of 99.14 (high Sep.26) would open the door to 99.18 (high Se.24) and finally 99.67 (high Sep.20).
">USD/JPY intensifies its weekly decline on Friday, hovering over the area of 98.25/20 after hitting highs around 98.80.
USD/JPY weaker as dollar tumbles
The increased bearishness surrounding the greenback in recent sessions helped the pair to correct sharply lower since early September peaks near 100.60. Also comments from Japanese finmin Aso ruling out a corporate tax rate cut in the near term added extra buying pressure to the yen. Data-wise, the key inflation figures published this morning showed the critical CPI ex-Fresh Food rising at an annual pace of 0.8% in September – highest since November 2008 - exceeding estimates and August’s print at 0.7%. According to Derek Halpenny, European Head of Global Markets Research at BTMU, “The Tankan next week (improving confidence) and the confirmation of the sales tax will help encourage yen selling but of course US politics may be more influential for the yen initially at least”.
USD/JPY levels to watch
The pair is now losing 0.66% at 98.33 with the next support at 97.76 (low Sep.18) followed by97.65 (cloud base) and then 97.45 (low Aug.29). On the flip side, a breakout of 99.14 (high Sep.26) would open the door to 99.18 (high Se.24) and finally 99.67 (high Sep.20).