11 Jul 2013
USD/JPY loses control of 99.00 level
FXstreet.com (New York) - The USD/JPY technical pair once again lost control over the heavily contested 99.00 barrier Thursday, having dipped below it during US trading and stabilizing in recent moments.
The week ahead for the JPY remains quite subdued, with the final Industrial Production figures and the BoJ monthly on Friday, then final machine orders next Wednesday. Moving forward, the Upper House election will take place on July 21, which will likely draw attention.
The USD/JPY has settled at the 99.82 level, now suffering a -0.84% loss, which still marks a staunch improvement from the pairs fortunes hours earlier. The Technical Analyst team at ICN.com points to supports at 98.75, ahead of 98.55, and 98.05.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has seen major failure at the 78.6% retracement at 101.60 and has sold off to the base of the cloud circa 98.15. While it is possible that this will hold the initial test, should this be eroded it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low.”
The week ahead for the JPY remains quite subdued, with the final Industrial Production figures and the BoJ monthly on Friday, then final machine orders next Wednesday. Moving forward, the Upper House election will take place on July 21, which will likely draw attention.
The USD/JPY has settled at the 99.82 level, now suffering a -0.84% loss, which still marks a staunch improvement from the pairs fortunes hours earlier. The Technical Analyst team at ICN.com points to supports at 98.75, ahead of 98.55, and 98.05.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has seen major failure at the 78.6% retracement at 101.60 and has sold off to the base of the cloud circa 98.15. While it is possible that this will hold the initial test, should this be eroded it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low.”