29 Jul 2013
USD/JPY reclaims 98.00 barrier
FXstreet.com (New York) - The USD/JPY technical pair has turned full circle, paring its losses after a previous stumble into the vicinity of 97.63 (session low), thereby rebounding back above 98.00 in recent minutes.
In the United States, Pending Home Sales (YoY) were reported at +10.9% in June, missing expectations of +11.5%. Moreover, Pending Home Sales (MoM) came in at -0.4% in June, failing to meet a consensus of -0.1%.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now operating at 98.09, securing a modest gain of +0.01% during US trading. The Danske Research Team calculates short-term resistances for the USD/JPY at 98.35, onto 98.49. Meanwhile, supports lie below at 97.58, ahead of 97.24.
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY last week started to sell off and has sold off to the base of its cloud at 97.57. This is exposed. Failure here will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable this week to further losses.”
In the United States, Pending Home Sales (YoY) were reported at +10.9% in June, missing expectations of +11.5%. Moreover, Pending Home Sales (MoM) came in at -0.4% in June, failing to meet a consensus of -0.1%.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now operating at 98.09, securing a modest gain of +0.01% during US trading. The Danske Research Team calculates short-term resistances for the USD/JPY at 98.35, onto 98.49. Meanwhile, supports lie below at 97.58, ahead of 97.24.
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY last week started to sell off and has sold off to the base of its cloud at 97.57. This is exposed. Failure here will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable this week to further losses.”