5 Sep 2013
USD/JPY remains above big 100 zone; +200 weekly pips
FXstreet.com (Chicago) - USD/JPY holds on to 100.00 key zone in the afternoon of the American trading session after better-than-expected job market data indicative of an upward trend in terms of economic recovery. The pair registers +200 pips gained this week with 31 pips pocketed today.
BoJ decision, US data
The BoJ decision came with no surprise earlier today with maintained interest rates at 0.1% and the planned execution to increase the monetary base around 60-70 trillion yen. In the US, the ADP employment change was 176K vs. past 198K and expected 180K. Initial jobless claims were 323K vs. past 332K and expected 330K, driving the dollar higher against the Asian currency. Nonfarm productivity beat expectations in the country with results at 2.3% vs. past -1.7% and expected -3.3%. The ISM non-manufacturing PMI was 58.6 vs. past 56.0 and expected 55.0. Ahead of the Federal Reserve meeting in a few days (September 17th-18th), market participants weight in most recent results.
USD/JPY Technical Levels
Technically speaking, the pair extends bullish trendline to reach 6-week highs above key psychological support at 100. In the afternoon of the American trading session, the pair trades at 100.03 between supports at 100 (August 2nd highs), 99.21 (September 2nd lows), 98.72 (August 25th highs) and resistances at 100.44 (July 24th highs) followed by 100.88 (July 18th highs) and 101.47 (July 5th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.
BoJ decision, US data
The BoJ decision came with no surprise earlier today with maintained interest rates at 0.1% and the planned execution to increase the monetary base around 60-70 trillion yen. In the US, the ADP employment change was 176K vs. past 198K and expected 180K. Initial jobless claims were 323K vs. past 332K and expected 330K, driving the dollar higher against the Asian currency. Nonfarm productivity beat expectations in the country with results at 2.3% vs. past -1.7% and expected -3.3%. The ISM non-manufacturing PMI was 58.6 vs. past 56.0 and expected 55.0. Ahead of the Federal Reserve meeting in a few days (September 17th-18th), market participants weight in most recent results.
USD/JPY Technical Levels
Technically speaking, the pair extends bullish trendline to reach 6-week highs above key psychological support at 100. In the afternoon of the American trading session, the pair trades at 100.03 between supports at 100 (August 2nd highs), 99.21 (September 2nd lows), 98.72 (August 25th highs) and resistances at 100.44 (July 24th highs) followed by 100.88 (July 18th highs) and 101.47 (July 5th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.