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16 Aug 2013
USD/JPY rejected at 55 dma
FXstreet.com (Barcelona) - Despite stronger than expected jobless claims for the US, The US dollar took a hit yesterday and was exacerbated with stops being triggered and The JPY has reversed about half of its appreciation since yesterday’s Asia close (last 97.66).
The rest of the US data came in poor and today we have housing starts and consumer confidence data. “For starts, we’re looking for a bounce back to 915K (mkt 905K) after last month’s outsized 10% M/M decline. But for Michigan confidence we’re looking for a pull-back from 85.1 to 83.5 in August, which would be its softest reading since April”, - Alvin Pontoh, Asia-Pacific Macro Strategist, FX & Rates Strategy at TD Securities.
USD/JPY with a negative bias
The USD/JPY continues to be capped by the 55 dma. This keeps downward pressure on the pair with continued failures to the topside. Prospects for the August highs at 99.95 are fading. The 20 dma 98.12, 50 dma is 98.32 and the 200 dma is 93.86. RSI reads 43.74. Supports are ascending from 95.92, 96.40, 96.88 and 96.98. Spot is currently 97.66 while resistances are 98.03, 98.28, 98.49 and 98.66.
The rest of the US data came in poor and today we have housing starts and consumer confidence data. “For starts, we’re looking for a bounce back to 915K (mkt 905K) after last month’s outsized 10% M/M decline. But for Michigan confidence we’re looking for a pull-back from 85.1 to 83.5 in August, which would be its softest reading since April”, - Alvin Pontoh, Asia-Pacific Macro Strategist, FX & Rates Strategy at TD Securities.
USD/JPY with a negative bias
The USD/JPY continues to be capped by the 55 dma. This keeps downward pressure on the pair with continued failures to the topside. Prospects for the August highs at 99.95 are fading. The 20 dma 98.12, 50 dma is 98.32 and the 200 dma is 93.86. RSI reads 43.74. Supports are ascending from 95.92, 96.40, 96.88 and 96.98. Spot is currently 97.66 while resistances are 98.03, 98.28, 98.49 and 98.66.