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17 Jun 2013
USD/JPY continues to shed gains south of 95.00
FXstreet.com (New York) - The USD/JPY foreign exchange rate has eased lower, refusing to retake the 95.00 barrier Monday.
USD/JPY shows signs of bottoming out?
According to Global FX Strategist Sean Callow at Westpac, “The cabinet approval of the fiscal and economic reform package did little to support the USD/JPY last week. However, it does look like the market has gotten to extremes here. Three consecutive days of lows either side of 94.00 suggests key support there and quite possibly a bottoming out.”
Following the easing during US trading, the USD/JPY is still trading positively at 94.78, or +0.64% at the time of writing. “The USD/JPY weakness since mid–May approached the significant support at 93.57. A closing break below this would be further negative opening 90.43 – resistance is at 96.10, indicating a bearish outlook.” Warns Gareth Berry, a Research Analyst at US.
USD/JPY shows signs of bottoming out?
According to Global FX Strategist Sean Callow at Westpac, “The cabinet approval of the fiscal and economic reform package did little to support the USD/JPY last week. However, it does look like the market has gotten to extremes here. Three consecutive days of lows either side of 94.00 suggests key support there and quite possibly a bottoming out.”
Following the easing during US trading, the USD/JPY is still trading positively at 94.78, or +0.64% at the time of writing. “The USD/JPY weakness since mid–May approached the significant support at 93.57. A closing break below this would be further negative opening 90.43 – resistance is at 96.10, indicating a bearish outlook.” Warns Gareth Berry, a Research Analyst at US.