3 Sep 2013
USD/JPY breaks down the 99.50
FXstreet.com (San Francisco) - After peaking to 1-month high at 99.85, the USD/JPY has been unable to hold those prices and right now it is trading back below the 99.50 at 99.30.
Better than expected ISM manufacturing data in US fueled the spike to the highest level since August 2nd at 99.85. However, the movement wasn't strong enough and the pair fell to previous prices on risk aversion as the US Congress seems ready to approve the Syrian Attack.
Currently, the USD/JPY is trading around 99.35, flat on the day. The short term perspective is slightly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as MACD, CCI and Momentum are pointing to the south, while the stochastic is bullish.
"The price stands quite close to key 100.00 level, and seems unlikely a break through it, ahead of key data later this week," FXstreet.com's Valeria Bednarik commented.
USD/JPY key levels
The US Dollar is facing the next hurdle against the Japanese Yen at 99.95 (high Aug.2) followed by 100.00 (psychological level) and finally 100.19 (76.4% of 101.54-95.81). On the downside, a break below 99.16 (low Sep.3) would expose 98.75 (cloud base) and then 98.27 (low Sep.2).
Better than expected ISM manufacturing data in US fueled the spike to the highest level since August 2nd at 99.85. However, the movement wasn't strong enough and the pair fell to previous prices on risk aversion as the US Congress seems ready to approve the Syrian Attack.
Currently, the USD/JPY is trading around 99.35, flat on the day. The short term perspective is slightly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as MACD, CCI and Momentum are pointing to the south, while the stochastic is bullish.
"The price stands quite close to key 100.00 level, and seems unlikely a break through it, ahead of key data later this week," FXstreet.com's Valeria Bednarik commented.
USD/JPY key levels
The US Dollar is facing the next hurdle against the Japanese Yen at 99.95 (high Aug.2) followed by 100.00 (psychological level) and finally 100.19 (76.4% of 101.54-95.81). On the downside, a break below 99.16 (low Sep.3) would expose 98.75 (cloud base) and then 98.27 (low Sep.2).