14 Nov 2013
USD/JPY now testing bears’ “line in the sand” at 99.71
FXstreet.com (Barcelona) - USD/JPY still stuck just below key resistance at 99.71. But technicians point out that the trading pattern is more indicative of a breakout yet to occur rather than a looming failure.
USD/JPY to continue to heed Fed-Head musings in addition to data flow Thursday
There seems to be a huge three-way tug-of-war going on between the Bernanke / Yellen duo, the FOMC hawks and the newly outspoken interventionists from the Bank of Japan. Wednesday was a win for Bernanke and Yellen, but thus far on Thursday much of that victory is being reversed by the interventionist BOJ forces – or at least the jawboning of the BOJ.
USD/JPY traders will be reacting to the additional comments scheduled to be made by the Fed-Head-to-be, Janet Yellen, in addition to the “regular” flow of data points including US weekly jobless claims, non-farm productivity and trade balance data.
Technical outlook for USD/JPY
Technicians say USD/JPY key “correction resistance” (based on Elliott Wave projections) at 99.71. Above that level, “par” or 100 comes into play. Support for USD/JPY comes in at Monday’s low of 98.91 and is followed up by Friday’s low of 97.96.
USD/JPY to continue to heed Fed-Head musings in addition to data flow Thursday
There seems to be a huge three-way tug-of-war going on between the Bernanke / Yellen duo, the FOMC hawks and the newly outspoken interventionists from the Bank of Japan. Wednesday was a win for Bernanke and Yellen, but thus far on Thursday much of that victory is being reversed by the interventionist BOJ forces – or at least the jawboning of the BOJ.
USD/JPY traders will be reacting to the additional comments scheduled to be made by the Fed-Head-to-be, Janet Yellen, in addition to the “regular” flow of data points including US weekly jobless claims, non-farm productivity and trade balance data.
Technical outlook for USD/JPY
Technicians say USD/JPY key “correction resistance” (based on Elliott Wave projections) at 99.71. Above that level, “par” or 100 comes into play. Support for USD/JPY comes in at Monday’s low of 98.91 and is followed up by Friday’s low of 97.96.