26 Nov 2013
USD/JPY rises after US data
FXstreet.com (Córdoba) - The USD/JPY moved slightly higher following the latest string of US data that showed building permits rose 6.2% in October to the highest level in more than 5 years.
Separated data showed US home prices grew 13.3% in September, exceeding market consensus. The USD/JPY rose a few pips toward a session high of 101.64 from 101.40 before the data and it was last at the 101.50 zone, where it is virtually unchanged since opening.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the USD/JPY holds a bearish tone in short-term charts, "suggesting price acceleration below 101.30 may favor a bearish run towards former high around 100.45".
Bednarik locates immediate supports at 101.30, 101.05 and 100.45, while she sees resistances at 102.00, 102.30 and 102.65.
Separated data showed US home prices grew 13.3% in September, exceeding market consensus. The USD/JPY rose a few pips toward a session high of 101.64 from 101.40 before the data and it was last at the 101.50 zone, where it is virtually unchanged since opening.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the USD/JPY holds a bearish tone in short-term charts, "suggesting price acceleration below 101.30 may favor a bearish run towards former high around 100.45".
Bednarik locates immediate supports at 101.30, 101.05 and 100.45, while she sees resistances at 102.00, 102.30 and 102.65.