23 Aug 2013
USD/JPY testing 99.00 level area
FXstreet.com (Athens) - The USD/JPY is retesting 99.00 area, as has been unable to sustain a break above.
USD/JPY is gaining momentum on Jackson’s Hole symposium as the big day blooming
A reasonably quiet Asian session for the major currency pairs with JPY standing out as the exception. The MSCI Asia Pacific index was up 1.1% led by a 2.2% increase in the Nikkei. The USDJPY continued its move higher pushing just over the 99 level. However, the pair could not help itself to sustain a break above the crucial resistance of 99.00 area. While, we are ahead of USD new home sales release and Jackson’s Hole meeting, the volatility tends to increase.
Technical perspective on USD/JPY
At the time of writing, the pair is trading upwards at 99.00, up 0.30%. The FXstreet.com Trend Index shows the pair to be strongly bullish. Investors trading the pair, might find useful the fact that the correlation between the two has risen from 0.41 for the past year to 0.65 for the past week.
Daily pivot point support can be found at 97.00, 96.82, 96.57 and resistance at 99.17, 99.64 and 99.88, respectively.
USD/JPY is gaining momentum on Jackson’s Hole symposium as the big day blooming
A reasonably quiet Asian session for the major currency pairs with JPY standing out as the exception. The MSCI Asia Pacific index was up 1.1% led by a 2.2% increase in the Nikkei. The USDJPY continued its move higher pushing just over the 99 level. However, the pair could not help itself to sustain a break above the crucial resistance of 99.00 area. While, we are ahead of USD new home sales release and Jackson’s Hole meeting, the volatility tends to increase.
Technical perspective on USD/JPY
At the time of writing, the pair is trading upwards at 99.00, up 0.30%. The FXstreet.com Trend Index shows the pair to be strongly bullish. Investors trading the pair, might find useful the fact that the correlation between the two has risen from 0.41 for the past year to 0.65 for the past week.
Daily pivot point support can be found at 97.00, 96.82, 96.57 and resistance at 99.17, 99.64 and 99.88, respectively.