13 Sep 2013
USD/JPY flirts with 99.60 immediate resistance
FXstreet.com (Chicago) - USD/JPY extends upward trendline after bouncing off 99.01 lows ahead of Tokyo’s opening and flirts with immediate resistance at 99.60 (38.62% Fibonacci level from September 10th 100.58 tops).
Fed’s tapering & Japanese data
In the US, the Syrian conflict is second in importance as the Fed’s tapering will define the next steps to follow for the US and perhaps the world. The attention comes back to the amount and timing the Fed will choose to taper. Outperforming job market data may have confirmed the imminent bond-buying reduction as initial jobless claims were 292K vs. past 323K and expected 330K. Continuing jobless claims were 2.871M vs. past 2.944M and estimates at 2.960M. In Japan, initial production and capacity utilization are expected at 4:30 GMT.
Syria
In a public address to the American population, Russian President Putin answered to Obama’s speech made last Wednesday and answered to his words after he stated “what makes America different. It’s what makes us exceptional.” Putin said “it is extremely dangerous to encourage people to see themselves as exceptional, those with long democratic traditions and those still finding their way to democracy.” As the talks to solve the conflict peacefully continue, he affirmed his personal and working relationship is marked by growing trust.
USD/JPY Technical Levels
Price action reveals the pair is at the edge of breaking through immediate resistance at 99.60 as the pair hovers right above the EMA20 to trade at 99.59. On the downside, supports are aligned at 99.32 (September 9th lows), 99.00 (psychological resistance), 98.64 (September 8th lows) while the upside is marked by resistances set at 99.59 (Fibonacci level at 38.2% from weekly peaks), 99.86 (September 11th lows) followed by 100.14 (September 10th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Fed’s tapering & Japanese data
In the US, the Syrian conflict is second in importance as the Fed’s tapering will define the next steps to follow for the US and perhaps the world. The attention comes back to the amount and timing the Fed will choose to taper. Outperforming job market data may have confirmed the imminent bond-buying reduction as initial jobless claims were 292K vs. past 323K and expected 330K. Continuing jobless claims were 2.871M vs. past 2.944M and estimates at 2.960M. In Japan, initial production and capacity utilization are expected at 4:30 GMT.
Syria
In a public address to the American population, Russian President Putin answered to Obama’s speech made last Wednesday and answered to his words after he stated “what makes America different. It’s what makes us exceptional.” Putin said “it is extremely dangerous to encourage people to see themselves as exceptional, those with long democratic traditions and those still finding their way to democracy.” As the talks to solve the conflict peacefully continue, he affirmed his personal and working relationship is marked by growing trust.
USD/JPY Technical Levels
Price action reveals the pair is at the edge of breaking through immediate resistance at 99.60 as the pair hovers right above the EMA20 to trade at 99.59. On the downside, supports are aligned at 99.32 (September 9th lows), 99.00 (psychological resistance), 98.64 (September 8th lows) while the upside is marked by resistances set at 99.59 (Fibonacci level at 38.2% from weekly peaks), 99.86 (September 11th lows) followed by 100.14 (September 10th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.