2 Jul 2013
USD/JPY high 99.88
FXstreet.com (London) - USD/JPY has opened in Europe testing and matching previous days high of 99.88.
The USD/JPY rallied yesterday from 99.35 to 99.70 meeting steady exporter supply settling the pair back to 99.55/70. Once again, the pair is bid this morning but until later on in the week, the pair may expect to find 100.00 to provide decent resistance and risk is open to the downside to make a break and retest of 98.30. Later on in the week we will see the outcomes of US jobs reports.
USD/JPY steady
USD/JPY is steady after clearing the consolidation patch 98.70 and clearing previous highs 99.25. The rally began and formed an ascending channel from the 93.78 low. The pair now eyes the 100.00 barrier. Overbought conditions are beginning to stack up, but a closing break above April highs 99.89 would open up a target for 103.74 May highs again. Karen Jones at Commerzbank said “As long as the 100.00 level caps, however, a retest of the 93.58 38.2% Fibonacci retracement remains on the cards for the weeks to come. Failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43”.
The USD/JPY rallied yesterday from 99.35 to 99.70 meeting steady exporter supply settling the pair back to 99.55/70. Once again, the pair is bid this morning but until later on in the week, the pair may expect to find 100.00 to provide decent resistance and risk is open to the downside to make a break and retest of 98.30. Later on in the week we will see the outcomes of US jobs reports.
USD/JPY steady
USD/JPY is steady after clearing the consolidation patch 98.70 and clearing previous highs 99.25. The rally began and formed an ascending channel from the 93.78 low. The pair now eyes the 100.00 barrier. Overbought conditions are beginning to stack up, but a closing break above April highs 99.89 would open up a target for 103.74 May highs again. Karen Jones at Commerzbank said “As long as the 100.00 level caps, however, a retest of the 93.58 38.2% Fibonacci retracement remains on the cards for the weeks to come. Failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43”.