25 Sep 2013
USD/JPY battling to hold above Monday’s low of 98.64 on a closing basis
FXstreet.com (Barcelona) - The USD/JPY bulls caught what may be a temporary reprieve Tuesday as the DXY drifted higher in a corrective move. If and when the DXY’S recent bearish trend resumes, though, more downside for USD/JPY may be in store.
USD/JPY to be pushed around by US data and geo-politics Wednesday
Traders will need to continue the global geo-political environment for any developments that could influence the “safety trade” that is currently in play. Wednesday, outside of any political developments, the trading in USD/JPY will be driven by US Durable goods and new home sales data as there are no key data due out of Japan.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in now working its way lower for a test of support at 97.76, but short-term support comes in at Monday’s low of 98.64. Resistance is 99.52.
USD/JPY to be pushed around by US data and geo-politics Wednesday
Traders will need to continue the global geo-political environment for any developments that could influence the “safety trade” that is currently in play. Wednesday, outside of any political developments, the trading in USD/JPY will be driven by US Durable goods and new home sales data as there are no key data due out of Japan.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in now working its way lower for a test of support at 97.76, but short-term support comes in at Monday’s low of 98.64. Resistance is 99.52.