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24 Jun 2013
USD/JPY breaks above 98.30 allows further upside
FXstreet.com (Barcelona) - The USD/JPY has broken into higher ground above 98.30 resistance just minutes ago, reaching its highest level since June 11 at 98.48, where some selling has stepped in.
USD/JPY poised to recover further - V-Bednarik
The USD/JPY should extend to the upside in the following days, according to Valeria Bednarik, Chief Analyst at FXstreet.com, especially after the recent acceleration see above the 98.30 area. The break allows "further advances today" Bednarik said.
Correlations to follow
The big rally seen in the US 10-year yields has undoubtely help to spur the comeback of new buyers to this market. As Sean Lee, Founder at FXWW, notes "This correlation between US yields and USD/JPY has been a bit suspect recently but remains relevant."
A second correlation to keep an eye on is the Nikkei 225, with Bednarik warning that there is some downside risks when the Nikkei opens, "as stocks may fall and drag the pair with them" the Analyst said.
USD/JPY poised to recover further - V-Bednarik
The USD/JPY should extend to the upside in the following days, according to Valeria Bednarik, Chief Analyst at FXstreet.com, especially after the recent acceleration see above the 98.30 area. The break allows "further advances today" Bednarik said.
Correlations to follow
The big rally seen in the US 10-year yields has undoubtely help to spur the comeback of new buyers to this market. As Sean Lee, Founder at FXWW, notes "This correlation between US yields and USD/JPY has been a bit suspect recently but remains relevant."
A second correlation to keep an eye on is the Nikkei 225, with Bednarik warning that there is some downside risks when the Nikkei opens, "as stocks may fall and drag the pair with them" the Analyst said.