10 Jun 2013
USD/JPY eases back below 99.00 despite US credit stabilization
FXstreet.com (New York) - The USD/JPY foreign exchange received an afternoon impetus following the recent stable credit outlook by the S&P.
Following an uptrend that was capped at 99.33 (intraday high), the USD/JPY eased back towards 98.87/89 during US trading, thereby operating at +0.98% above its opening Monday.
JPY movements usher in period of volatility
According to the Head of Global Markets Research Tim Riddell at ANZ, “Re-entering the JPY downtrend will prove to be nerve racking. Despite the risks of more sustained JPY retracements, daily charts could already be providing the signs of a faltering in JPY.”
In terms of the technical levels, “Any upside will be viewed as corrective and unwinding the overextended downside conditions. Resistance is at 99.36 ahead of 100.40. Support is at 94.99 ahead of 93.57, indicating a bearish outlook.” warns Gareth Berry, a Research Analyst at UBS.
Following an uptrend that was capped at 99.33 (intraday high), the USD/JPY eased back towards 98.87/89 during US trading, thereby operating at +0.98% above its opening Monday.
JPY movements usher in period of volatility
According to the Head of Global Markets Research Tim Riddell at ANZ, “Re-entering the JPY downtrend will prove to be nerve racking. Despite the risks of more sustained JPY retracements, daily charts could already be providing the signs of a faltering in JPY.”
In terms of the technical levels, “Any upside will be viewed as corrective and unwinding the overextended downside conditions. Resistance is at 99.36 ahead of 100.40. Support is at 94.99 ahead of 93.57, indicating a bearish outlook.” warns Gareth Berry, a Research Analyst at UBS.