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1 Nov 2013
Flash: USD/JPY closer to 99.00. What can we expect? – UBS and Commerzbank
FXstreet.com (Edinburgh) -The USD rally remains intact on Friday, taking the USD/JPY back to the positive ground after the US ISM Manufacturing surprised investors to the upside, climbing to 56.4 in October vs. 55.0 expected.
Analysts at UBS keep their neutral stance on the pair, arguing, “Resistance is at 99.07, a break above which would open 100.61. Support is at 97.46 ahead of 96.57”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, remarks the rangebound bias on the pair, adding “The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range”.
Analysts at UBS keep their neutral stance on the pair, arguing, “Resistance is at 99.07, a break above which would open 100.61. Support is at 97.46 ahead of 96.57”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, remarks the rangebound bias on the pair, adding “The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range”.