28 Jun 2013
USD/JPY prints fresh weekly highs shy of 99.00
FXstreet.com (Barcelona) - Following a better than expected CPI number in Japan, and fourth consecutive month with Industrial output improving, USD/JPY has printed fresh weekly highs at 98.99, while Nikkei index moved above the 13500 points mark for first time in last 2 weeks, gaining more than +2% today alone.
USD/JPY pointing higher now
“Despite the hedge fund selling earlier, USD/JPY is making new highs and has taken out this weeks highs and a 50% retracement level at 98.75,” said FXWW founder Sean Lee, adding: “The next technical targets are at 99.25 and the 61.8% retracement at 99.90, and I’ll be looking to sell failures at the latter for a quick 80/100 pip swing trade.”
Key technical levels
Last at 98.78 off mentioned fresh highs, immediate resistance for USD/JPY shows at mentioned recent weekly highs 98.99, followed by June 10 highs at 99.26, and June 06 highs at 99.48. To the downside, closest support lies at Monday's previous weekly highs 98.70, followed by May 08 lows 98.50, and June 20 highs at 98.29.
USD/JPY pointing higher now
“Despite the hedge fund selling earlier, USD/JPY is making new highs and has taken out this weeks highs and a 50% retracement level at 98.75,” said FXWW founder Sean Lee, adding: “The next technical targets are at 99.25 and the 61.8% retracement at 99.90, and I’ll be looking to sell failures at the latter for a quick 80/100 pip swing trade.”
Key technical levels
Last at 98.78 off mentioned fresh highs, immediate resistance for USD/JPY shows at mentioned recent weekly highs 98.99, followed by June 10 highs at 99.26, and June 06 highs at 99.48. To the downside, closest support lies at Monday's previous weekly highs 98.70, followed by May 08 lows 98.50, and June 20 highs at 98.29.