27 Jun 2013
USD/JPY drops testing 98.00 handle
FXstreet.com (London) - USD/JPY has shed 40 pips accumulated in the European session this morning.
USD/JPY has suffered again in jittery markets, as the Yen picks up some benefit in poorer economic data in otherwise higher yielding counterparts. Although not directly correlated, nevertheless the Yen is reacting to fundamentals in a global market while UK GDP took a turn for the worse, printing below expectations and gave the Yen a boost. More in focus on the data from for the pair comes in the afternoon with US Pending Home Sales, Personal Income and CPI
USD/JPY holding below 55d ma 99.09
Karen Jones, analysts at Commerbank said her team continues to view near term strength as corrective only and favours a retest of 93.58 Fibonacci retracement. She said failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. “Only an unexpected CLOSE above the 100.00 would neutralise our outlook and imply another test of the 103.74 May high”.
USD/JPY has suffered again in jittery markets, as the Yen picks up some benefit in poorer economic data in otherwise higher yielding counterparts. Although not directly correlated, nevertheless the Yen is reacting to fundamentals in a global market while UK GDP took a turn for the worse, printing below expectations and gave the Yen a boost. More in focus on the data from for the pair comes in the afternoon with US Pending Home Sales, Personal Income and CPI
USD/JPY holding below 55d ma 99.09
Karen Jones, analysts at Commerbank said her team continues to view near term strength as corrective only and favours a retest of 93.58 Fibonacci retracement. She said failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. “Only an unexpected CLOSE above the 100.00 would neutralise our outlook and imply another test of the 103.74 May high”.