30 Dec 2013
USD/JPY continues uptrend to start the new week. Next target 105.51
FXstreet.com (Barcelona) - The USD/JPY opened higher continuing its relentless march to the upside. Another possible upside target is approaching at 105.51. Will the USD/JPY slice through that level just like all the others recently?
USD/JPY traders to monitor US data only this week as Japan celebrated New Year all week
With no data due out of Japan this week, USD/JPY traders will be reacting primarily to US data this week – although technicals and momentum will be the other keys for the week. The list of US data points that may move markets this week includes:
• Monday – US Pending Home Sales; US Dallas Fed Manufacturing Index
• Tuesday – US Chicago Purchasing Managers Index; US Consumer Confidence
• Wednesday – New Years Day holiday
• Thursday – US PMI; US Weekly Jobless Claims; US Construction Spending; US Prices Paid
• Friday – US ISM New York Index
Technical outlook for USD/JPY
Technicians now say the USD/JPY is clearly in the midst of a third wave move higher that should take the cross up to points north of 106. Prior to that level being tested, they say there is a good chance that some profit-taking comes into play at around 105.51. The first two support levels for the cross come in at 103.73 and 103.54 – the previous resistance levels for USD/JPY.
USD/JPY traders to monitor US data only this week as Japan celebrated New Year all week
With no data due out of Japan this week, USD/JPY traders will be reacting primarily to US data this week – although technicals and momentum will be the other keys for the week. The list of US data points that may move markets this week includes:
• Monday – US Pending Home Sales; US Dallas Fed Manufacturing Index
• Tuesday – US Chicago Purchasing Managers Index; US Consumer Confidence
• Wednesday – New Years Day holiday
• Thursday – US PMI; US Weekly Jobless Claims; US Construction Spending; US Prices Paid
• Friday – US ISM New York Index
Technical outlook for USD/JPY
Technicians now say the USD/JPY is clearly in the midst of a third wave move higher that should take the cross up to points north of 106. Prior to that level being tested, they say there is a good chance that some profit-taking comes into play at around 105.51. The first two support levels for the cross come in at 103.73 and 103.54 – the previous resistance levels for USD/JPY.