24 Jul 2013
USD/JPY retesting session highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has consolidated its momentum and surged forwards to retest previous highs at 100.45 during US trading.
In these moments, the USD/JPY is settling at 100.43, up a robust +0.97% Wednesday. Following a break above the 100.24 resistance, Danske Research team identifies the next measure of correction at 100.65.
USD/JPY strategic bias
According to Research Analyst Gareth Berry at UBS, “Fiscal stimulus should be good for Japanese equities, and what’s good for equities is likely to support USD/JPY if existing correlations hold. The 9-month old USDJPY rally has been built largely on the promise (and delivery) of aggressive monetary easing. Implementing a new fiscal dimension now could see the rally extend.”
In these moments, the USD/JPY is settling at 100.43, up a robust +0.97% Wednesday. Following a break above the 100.24 resistance, Danske Research team identifies the next measure of correction at 100.65.
USD/JPY strategic bias
According to Research Analyst Gareth Berry at UBS, “Fiscal stimulus should be good for Japanese equities, and what’s good for equities is likely to support USD/JPY if existing correlations hold. The 9-month old USDJPY rally has been built largely on the promise (and delivery) of aggressive monetary easing. Implementing a new fiscal dimension now could see the rally extend.”