29 Aug 2013
USD/JPY on daily highs ahead of US GDP
FXstreet.com (Athens) - The USD/JPY continues to trend upwards, nearly its daily highs despite ‘Russia Sends Armed Ships to the Mediterranean’
Will the US GDP release give further uptrend momentum to the USD/JPY?
Despite the reports comments about ‘Russia Sends Armed Ships to the Mediterranean’, as well as ‘UK Government publishes legal position on Syria, says attack on specific targets are legally justifiable’, the American dollar continues to beat its Japanese counterpart. The USD/JPY rose above 98.00 level, for the first time in two days and managed to trade above the crucial area of 98.00. Investors should keep in mind that, a two week low was set yesterday at 96.81.
Technical outlook on USD/JPY
According to Tim Riddell, Head of Global Markets Research in ANZ team, ‘USD/JPY remains the key driver. Current range trading (96-103) is seen as constructive in the context of an underlying
Bias is buy into USD/JPY weakness for a retest of recent highs’. At the time of writing, the pair is trading at 98.28 area, up 0.64%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.
Will the US GDP release give further uptrend momentum to the USD/JPY?
Despite the reports comments about ‘Russia Sends Armed Ships to the Mediterranean’, as well as ‘UK Government publishes legal position on Syria, says attack on specific targets are legally justifiable’, the American dollar continues to beat its Japanese counterpart. The USD/JPY rose above 98.00 level, for the first time in two days and managed to trade above the crucial area of 98.00. Investors should keep in mind that, a two week low was set yesterday at 96.81.
Technical outlook on USD/JPY
According to Tim Riddell, Head of Global Markets Research in ANZ team, ‘USD/JPY remains the key driver. Current range trading (96-103) is seen as constructive in the context of an underlying
Bias is buy into USD/JPY weakness for a retest of recent highs’. At the time of writing, the pair is trading at 98.28 area, up 0.64%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.