1 Aug 2013
USD/JPY exacerbating losses below 98.00
FXstreet.com (New York) - The USD/JPY foreign exchange rate experienced a second round of collapse, now broken below the 98.00 level with losses mounting during Asian trading.
USD/JPY technical levels
The USD/JPY is now exposed below the 98.00 level, tumbling Thursday morning at a rate of –0.08% off its opening. At this juncture the pair is situated at 97.78, now entrenched at session lows. Technically speaking, any downward movement will be theoretically solidified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high).
USD/JPY event risk
Earlier today, the Federal Open Market Committee decided to keep the target range for the federal funds rate at 0-0.25% Wednesday and kept and the central bank's $85 billion-per-month bond-buying program in place, giving no hints about the possibility of tapering such program. This in term sent the USD wavering across the board, with the USD/JPY in staunch retreat.
USD/JPY technical levels
The USD/JPY is now exposed below the 98.00 level, tumbling Thursday morning at a rate of –0.08% off its opening. At this juncture the pair is situated at 97.78, now entrenched at session lows. Technically speaking, any downward movement will be theoretically solidified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high).
USD/JPY event risk
Earlier today, the Federal Open Market Committee decided to keep the target range for the federal funds rate at 0-0.25% Wednesday and kept and the central bank's $85 billion-per-month bond-buying program in place, giving no hints about the possibility of tapering such program. This in term sent the USD wavering across the board, with the USD/JPY in staunch retreat.