7 Jun 2013
USD/JPY in session highs around 97.50
FXstreet.com (Barcelona) - The USD keeps alive the upside post-NFP on Friday, lifting the USD/JPY to fresh intraday highs in the area of 97.50.
Better-than-expected Payrolls figures during May sparked a quick upside in the USD, with traders automatically linking the result with the recent chatter regarding the Fed’s ‘tapering’. “We remain comfortable with our view that the yen will likely resume its weakening trend consistent with weakening economic fundamentals. The aggressive BoJ monetary easing should begin to encourage a pick up in yen weakening capital outflows from Japan in the years ahead especially when yields overseas begin to pick up as the global economic recovery strengthens”, commented Lee Hardmand, Currency Analyst at BTMU.
The pair is now advancing 0.50% at 97.46 with the next resistance at 98.86 (low Jun.3) ahead of 99.04 (Tenkan Sen line) and finally 99.47 (high Jun.6). On the downside, a breach of 94.98 (low Jun.7) would open the door to 94.38 (high Apr.1) and then 92.72 (low Apr.3).
Better-than-expected Payrolls figures during May sparked a quick upside in the USD, with traders automatically linking the result with the recent chatter regarding the Fed’s ‘tapering’. “We remain comfortable with our view that the yen will likely resume its weakening trend consistent with weakening economic fundamentals. The aggressive BoJ monetary easing should begin to encourage a pick up in yen weakening capital outflows from Japan in the years ahead especially when yields overseas begin to pick up as the global economic recovery strengthens”, commented Lee Hardmand, Currency Analyst at BTMU.
The pair is now advancing 0.50% at 97.46 with the next resistance at 98.86 (low Jun.3) ahead of 99.04 (Tenkan Sen line) and finally 99.47 (high Jun.6). On the downside, a breach of 94.98 (low Jun.7) would open the door to 94.38 (high Apr.1) and then 92.72 (low Apr.3).