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25 Jun 2013
USD/JPY recovery attempt stalls
FXstreet.com (New York) - The USD/JPY recovery stalled near the 97.71 level Tuesday during US trading, following what was a paring of losses on the heels of US data.
Presently, the USD/JPY foreign exchange rate is now trading at 97.63 or -0.11% thus far, unable to cross into the threshold of positive territory. Mataf.net analysts calculate the next supports for the pair at 97.11, ahead of 96.42, and 95.63. On the upside, a break above the 98.59 handle will initiate resistance at 99.38 and 100.07.
USD/JPY upside contingent upon stabilization above 98.20
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped and stabilized below the 97.60 level and also below its linear regression indicators. Meanwhile, the stochastic has stopped its downside move at level 50 and traded above it, as we see it entering oversold areas showing the momentum’s effect in breaching the descending channel. The possibility of an upside is valid today, but confirming it needs stabilizing above 98.20.”
USD/JPY jumps on upbeat US data
In the United States, Durable Goods Orders (May) grew +3.6%, beating expectations of only +3.0%. Moreover, Durable Goods ex-Transportation (May) were reported at +0.7%, exceeding estimates of 0.0%. Finally the Housing Price Index (MoM) came in at +0.7%, compared with a figure of +1.5% previously.
Presently, the USD/JPY foreign exchange rate is now trading at 97.63 or -0.11% thus far, unable to cross into the threshold of positive territory. Mataf.net analysts calculate the next supports for the pair at 97.11, ahead of 96.42, and 95.63. On the upside, a break above the 98.59 handle will initiate resistance at 99.38 and 100.07.
USD/JPY upside contingent upon stabilization above 98.20
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped and stabilized below the 97.60 level and also below its linear regression indicators. Meanwhile, the stochastic has stopped its downside move at level 50 and traded above it, as we see it entering oversold areas showing the momentum’s effect in breaching the descending channel. The possibility of an upside is valid today, but confirming it needs stabilizing above 98.20.”
USD/JPY jumps on upbeat US data
In the United States, Durable Goods Orders (May) grew +3.6%, beating expectations of only +3.0%. Moreover, Durable Goods ex-Transportation (May) were reported at +0.7%, exceeding estimates of 0.0%. Finally the Housing Price Index (MoM) came in at +0.7%, compared with a figure of +1.5% previously.