6 Nov 2013
USD/JPY soars as Nikkei up 1% above 14.400; also boosted by EUR/JPY rally
USD/JPY soars as Nikkei up 1% above 14.400; also boosted by EUR/JPY rally
FXstreet.com (Athens) – The USD/JPY moved sharply higher from 98.45 zone to 98.75 level mainly due to the Nikkei uprise, as well as by the EUR/JPY rally alongside with EUR/USD.
USD/JPY higher as Nikkei turns into positive area, EUR/JPY stops triggered
The USD/JPY was hovering around the 98.45 area, but as soons as the Nikkei turned from negative territory to a positive one, the cross managed to spike higher near 98.74 level. What’s more, the cross was also boosted by the EUR/JPY which surged across the board on the sharp Nikkei gains and of course by the fact that risk aversion hit the ‘snooze’ button, as risk-appetite strikes well back in Asia (though without any fundamental catalyst).
Technical Aspects on the USD/JPY
Emmanuel Ng of OCBC Bank says with the dollar in ascendance in the near term, the USD/JPY may attempt to repel any dips towards the 55-day MA (98.43). Meanwhile, with positive risk appetite mildly supportive of the JPY-crosses, the next USD/JPY resistance around 99.00 remains in sight despite the less than hawkish tone from Fed rhetoric on Monday.”
FXstreet.com (Athens) – The USD/JPY moved sharply higher from 98.45 zone to 98.75 level mainly due to the Nikkei uprise, as well as by the EUR/JPY rally alongside with EUR/USD.
USD/JPY higher as Nikkei turns into positive area, EUR/JPY stops triggered
The USD/JPY was hovering around the 98.45 area, but as soons as the Nikkei turned from negative territory to a positive one, the cross managed to spike higher near 98.74 level. What’s more, the cross was also boosted by the EUR/JPY which surged across the board on the sharp Nikkei gains and of course by the fact that risk aversion hit the ‘snooze’ button, as risk-appetite strikes well back in Asia (though without any fundamental catalyst).
Technical Aspects on the USD/JPY
Emmanuel Ng of OCBC Bank says with the dollar in ascendance in the near term, the USD/JPY may attempt to repel any dips towards the 55-day MA (98.43). Meanwhile, with positive risk appetite mildly supportive of the JPY-crosses, the next USD/JPY resistance around 99.00 remains in sight despite the less than hawkish tone from Fed rhetoric on Monday.”