11 Jul 2013
USD/JPY retracing previous losses towards 99.50
FXstreet.com (New York) - After bottoming out at 98.24 (daily low) following the dovish Fed comments, the USD/JPY foreign exchange rate has rallied slightly higher during Asian trading at the Tokyo open Thursday.
Japanese economy picks up steam
In Japan, Machinery Orders (YoY) climbed by +16.5% in May, crushing expectations of only +2.5%. Meanwhile, Machinery Orders (MoM) also grew by +10.5% in May, vastly exceeding estimates of only +1.3%. Foreign Bond Investment (July 5) was reported at ¥973.1B, compared with a figure of ¥965B previously.
USD/JPY technical bias
In these moments, the USD/JPY has recovered the mark of 99.43, still down -0.21% Thursday despite a valiant attempt at recovery. The pair is presently trading at support at 99.40 (July 3 low), and will be slowed by a further retracement down to 99.16 (June 28 low), and 98.88 (June 28 high).
Japanese economy picks up steam
In Japan, Machinery Orders (YoY) climbed by +16.5% in May, crushing expectations of only +2.5%. Meanwhile, Machinery Orders (MoM) also grew by +10.5% in May, vastly exceeding estimates of only +1.3%. Foreign Bond Investment (July 5) was reported at ¥973.1B, compared with a figure of ¥965B previously.
USD/JPY technical bias
In these moments, the USD/JPY has recovered the mark of 99.43, still down -0.21% Thursday despite a valiant attempt at recovery. The pair is presently trading at support at 99.40 (July 3 low), and will be slowed by a further retracement down to 99.16 (June 28 low), and 98.88 (June 28 high).