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16 Aug 2013
USD/JPY reverses off lows, sailing higher
FXstreet.com (New York) - The USD/JPY technical pair was trading as low as 97.05 (session low) earlier today Friday, though the US trading has witnessed a sustained thrust higher.
In the United States, the Reuters/Michigan Consumer Sentiment Index (August) yielded a figure of 80.0, against a projection calling for 85.5. In addition, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Finally, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
Though the pair still remains situated below the 98.00 barrier, the USD/JPY is now navigating the region of 97.58, now opening up a gain of +0.20% thus far. Briefing the technicals, the USD/JPY looks to face resistance at 97.74 (200-day SMA), onto 97.94 (August 14 low).
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped affected by a negative momentum it gained from trading below 50% correction at 97.65. We think that the pair might experience further bearishness as long as it stabilized below the referred to correctional level; the positive momentum is weak despite the oversold signals on the stochastic. Anyhow, the pair should break 96.75 levels to increase the possibility of a downside move.”
In the United States, the Reuters/Michigan Consumer Sentiment Index (August) yielded a figure of 80.0, against a projection calling for 85.5. In addition, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Finally, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
Though the pair still remains situated below the 98.00 barrier, the USD/JPY is now navigating the region of 97.58, now opening up a gain of +0.20% thus far. Briefing the technicals, the USD/JPY looks to face resistance at 97.74 (200-day SMA), onto 97.94 (August 14 low).
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped affected by a negative momentum it gained from trading below 50% correction at 97.65. We think that the pair might experience further bearishness as long as it stabilized below the referred to correctional level; the positive momentum is weak despite the oversold signals on the stochastic. Anyhow, the pair should break 96.75 levels to increase the possibility of a downside move.”