10 Jun 2013
USD/JPY edges above key 99.00 level
FXstreet.com (Barcelona) - Having started the day trading higher on an opening gap, USD/JPY has continued to climb through Europe and into the US session.
USD/JPY responds to improving data
The overnight news saw an improvement in Japanese GDP and Consumer Confidence, which helped USD/JPY to push higher, prompting Lee Hardman of BTMU to comment that the Japanese recovery has continued to surprise, in contrast to the stuttering Chinese economy. Despite a jump in French Industrial Output and Swiss Retail Sales, European data has remain soft, with the EZ Sentix Investor Confidence Index disappointing at -11.6/-10.0 exp.
USD/JPY hinting at upside bias
Todays technicals for USD/JPY look bullish for now, but on an hour basis, oscillators RSI and Stochastics are in overbought territory at 72 and 95.79 respectively. Hourly MA´s too are generally in line with short term upside momentum, absent the 100 and 200 MA´s, which have a flattened trajectory. Spot is currently edged above the key 99.00 level, trading at 99.07, and up 1.24% on the days trading. Looking at the daily classic pivot points, ahead resistance can be seen at R2 99.64 and R3 101.45, with support below at R1 98.60 and the Pivot at 96.78.
USD/JPY responds to improving data
The overnight news saw an improvement in Japanese GDP and Consumer Confidence, which helped USD/JPY to push higher, prompting Lee Hardman of BTMU to comment that the Japanese recovery has continued to surprise, in contrast to the stuttering Chinese economy. Despite a jump in French Industrial Output and Swiss Retail Sales, European data has remain soft, with the EZ Sentix Investor Confidence Index disappointing at -11.6/-10.0 exp.
USD/JPY hinting at upside bias
Todays technicals for USD/JPY look bullish for now, but on an hour basis, oscillators RSI and Stochastics are in overbought territory at 72 and 95.79 respectively. Hourly MA´s too are generally in line with short term upside momentum, absent the 100 and 200 MA´s, which have a flattened trajectory. Spot is currently edged above the key 99.00 level, trading at 99.07, and up 1.24% on the days trading. Looking at the daily classic pivot points, ahead resistance can be seen at R2 99.64 and R3 101.45, with support below at R1 98.60 and the Pivot at 96.78.