18 Jul 2013
USD/JPY above 100 again ahead of Sunday's elections
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 100.00, off recent session highs at 100.07, posted on the back of broad USD strength in late Asia trading and Yen weakness, while Nikkei index is up almost a +1%.
USD/JPY demand below 99.50 strong
“Asia obviously heard something bullish in Mr Bernanke’s testimony and has been happy to buy dollars all day. Movements have been slow but steady in one direction and dealers say that turnover has been healthy,” said FXWW founder Sean Lee. According to IFR Markets bids were “thick below from around 99.50 and trail down,” coming from “Japanese importers, macro and hedge funds and specs,” the analyst expanded, adding: “some were tipped to be putting on fresh longs into Sunday's Upper House election where PM Abe's LDP is widely expected to win.”
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session highs 100.07, followed Monday's weekly highs at 100.54, and July 09 lows at 100.75. To the downside, closest support lies at recent session lows 99.45, followed by Monday's/yesterday's lows at 99.03, and Tuesday's weekly lows at 99.88.
USD/JPY demand below 99.50 strong
“Asia obviously heard something bullish in Mr Bernanke’s testimony and has been happy to buy dollars all day. Movements have been slow but steady in one direction and dealers say that turnover has been healthy,” said FXWW founder Sean Lee. According to IFR Markets bids were “thick below from around 99.50 and trail down,” coming from “Japanese importers, macro and hedge funds and specs,” the analyst expanded, adding: “some were tipped to be putting on fresh longs into Sunday's Upper House election where PM Abe's LDP is widely expected to win.”
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session highs 100.07, followed Monday's weekly highs at 100.54, and July 09 lows at 100.75. To the downside, closest support lies at recent session lows 99.45, followed by Monday's/yesterday's lows at 99.03, and Tuesday's weekly lows at 99.88.