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25 Jun 2013
USD/JPY hovering over 98.00
Fxstreet.com (Edinburgh) - The USD/JPY is paring earlier losses, gyrating around 98.00 the figure after dipping to intraday lows in sub 97.00 levels.
USD/JPY boosted by US data
After bottoming out around the key support at 94.00 in mid June, the greenback has resumed its upside against the Japanese yen, helped by the FOMC meeting outcome last week. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “appears to be stalling just ahead of the 55 day ma at 99.12. We continue to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement”.
USD/JPY levels to watch
At the moment, the pair is up 0.04% at 97.78 and a surpass of 98.07 (high Jun.25) would target 98.72 (high Jun.24) en route to 99.05 (high Jun.11). On the flip side, support levels align at 96.86 (low Jun.21) ahead of 96.23 (Tenkan-Sen line) and finally 96.20 (low Jun.20).
USD/JPY boosted by US data
After bottoming out around the key support at 94.00 in mid June, the greenback has resumed its upside against the Japanese yen, helped by the FOMC meeting outcome last week. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “appears to be stalling just ahead of the 55 day ma at 99.12. We continue to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement”.
USD/JPY levels to watch
At the moment, the pair is up 0.04% at 97.78 and a surpass of 98.07 (high Jun.25) would target 98.72 (high Jun.24) en route to 99.05 (high Jun.11). On the flip side, support levels align at 96.86 (low Jun.21) ahead of 96.23 (Tenkan-Sen line) and finally 96.20 (low Jun.20).