30 Aug 2013
USD/JPY extends the bounce beyond 98.00
FXstreet.com (Edinburgh) -After hitting lows around 97.90, the USD/JPY gathered steam and managed to regain the key 98.00 handle, keeping the rebound alive in the proximities of 98.23 albeit still within the negative territory.
USD/JPY bolstered by data, USD
The USD rally is extending for the third consecutive session, collaborating in the current rebound from sub 97.00 levels earlier on in the week. Data wise in the ‘Land of the rising sun’, Abenomics is proving to be effective so far when comes to build up inflation expectations, as shown by the generalized increase in July’s consumer prices. In light of next week’s key US data, Analyst Derek Halpenny at BTMU commented, “with a host of key data from the US next week, it is clear that US data will be key for near-term direction – we expect the upcoming US data to be relatively supportive for USD/JPY over the coming week”.
USD/JPY levels to watch
The pair is now losing 0.18% at 98.16 facing the next hurdle at 98.48 (high Aug.30) ahead of 98.52 (high Aug.29) and then 98.54 (high Aug.27). On the flip side, a break below 97.88 (Kijun Sen line) would open the door to 97.45 (low Aug.29) and then 96.81 (low Aug.28).
USD/JPY bolstered by data, USD
The USD rally is extending for the third consecutive session, collaborating in the current rebound from sub 97.00 levels earlier on in the week. Data wise in the ‘Land of the rising sun’, Abenomics is proving to be effective so far when comes to build up inflation expectations, as shown by the generalized increase in July’s consumer prices. In light of next week’s key US data, Analyst Derek Halpenny at BTMU commented, “with a host of key data from the US next week, it is clear that US data will be key for near-term direction – we expect the upcoming US data to be relatively supportive for USD/JPY over the coming week”.
USD/JPY levels to watch
The pair is now losing 0.18% at 98.16 facing the next hurdle at 98.48 (high Aug.30) ahead of 98.52 (high Aug.29) and then 98.54 (high Aug.27). On the flip side, a break below 97.88 (Kijun Sen line) would open the door to 97.45 (low Aug.29) and then 96.81 (low Aug.28).