27 Jun 2013
USD/JPY hits fresh high after US pending home sales
FXstreet.com (Córdoba) - The USD/JPY took another step higher and printed a fresh daily high after US pending home sales for May reached its highest in over 6 years.
USD/JPY stalls ahead of 98.50
USD/JPY rose to a 3-day peak of 98.45 after pending home sales printed a gain of 6.7% against a 1.0% increase expected. However, data failed to trigger a move strong enough to break above 98.50. At time of writing, the pair is trading around 98.35, recording a 0.6% daily gain.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that a clear break above 98.35 should favor an upward continuation towards next resistance area around 98.70. On the other hand, Bednarik locates immediate supports at 98.05, 97.80 and 97.50.
USD/JPY stalls ahead of 98.50
USD/JPY rose to a 3-day peak of 98.45 after pending home sales printed a gain of 6.7% against a 1.0% increase expected. However, data failed to trigger a move strong enough to break above 98.50. At time of writing, the pair is trading around 98.35, recording a 0.6% daily gain.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that a clear break above 98.35 should favor an upward continuation towards next resistance area around 98.70. On the other hand, Bednarik locates immediate supports at 98.05, 97.80 and 97.50.