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12 Jul 2013
USD/JPY retakes 99.00 region
FXstreet.com (New York) - The USD/JPY foreign exchange rate tumbled below the 99.00 barrier Friday, before ultimately rebounding higher in recent moments after the latest US data release.
In the United States, the Reuters/Michigan Consumer Sentiment Index (July) came in at 83.9, missing expectations of 85.0, and compared with a figure of 84.1 previously.
In these moments, the USD/JPY is operating at 99.11, up a modest +0.15% Friday. A short-term rise in the USD/JPY will first need to test resistances at 99.53 (July 11 high), followed by 99.72 (session high), and 100.01 (key upside barrier).
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has sold off to the base of the cloud circa 98.15. This has held the initial test, and while we have seen a small rebound from here, directly overhead lies the 78.6% retracement at 101.60 and we look for the market to remain capped there.”
In the United States, the Reuters/Michigan Consumer Sentiment Index (July) came in at 83.9, missing expectations of 85.0, and compared with a figure of 84.1 previously.
In these moments, the USD/JPY is operating at 99.11, up a modest +0.15% Friday. A short-term rise in the USD/JPY will first need to test resistances at 99.53 (July 11 high), followed by 99.72 (session high), and 100.01 (key upside barrier).
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has sold off to the base of the cloud circa 98.15. This has held the initial test, and while we have seen a small rebound from here, directly overhead lies the 78.6% retracement at 101.60 and we look for the market to remain capped there.”