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26 Jun 2013
USD/JPY testing the 98.00 barrier
FXstreet.com (New York) - The USD/JPY foreign exchange rate has moved higher during Asian trading Wednesday, testing the 98.00 level in these moments.
Later today at 4:30 GMT, the Japanese economy is slated to reveal the All Industry Activity Index (MoM) in April – previously this figure was reported at -0.3%, and the present result could draw focus in light of the recent JPY weakness permeating markets.
USD/JPY dips could initiate buying opportunities
According to the Tim Riddell, Head of Global Markets Research at ANZ, “Further gains should form in the near-term for the USD/JPY and so interim dips into the 96.25-50 area should be seen as a buying opportunity for at least a secondary squeeze towards 100.00. A more impulsive rebound could rekindle the background bias for an early return of JPY weakness and a push towards 105.00-106.00. Short-term stops should be placed below 95.25.”
USD/JPY bulls ahead
At the time of writing, the USD/JPY technical pair has now settled at 97.98 during Asian trading, securing a healthy advance of +0.14%. Mataf.net analysts calculate a further advance will encounter resistances at 98.59, onto 99.38, and eventually 100.07.
Later today at 4:30 GMT, the Japanese economy is slated to reveal the All Industry Activity Index (MoM) in April – previously this figure was reported at -0.3%, and the present result could draw focus in light of the recent JPY weakness permeating markets.
USD/JPY dips could initiate buying opportunities
According to the Tim Riddell, Head of Global Markets Research at ANZ, “Further gains should form in the near-term for the USD/JPY and so interim dips into the 96.25-50 area should be seen as a buying opportunity for at least a secondary squeeze towards 100.00. A more impulsive rebound could rekindle the background bias for an early return of JPY weakness and a push towards 105.00-106.00. Short-term stops should be placed below 95.25.”
USD/JPY bulls ahead
At the time of writing, the USD/JPY technical pair has now settled at 97.98 during Asian trading, securing a healthy advance of +0.14%. Mataf.net analysts calculate a further advance will encounter resistances at 98.59, onto 99.38, and eventually 100.07.