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10 Jul 2013
USD/JPY refuses to breach 101.00 barrier
FXstreet.com (New York) - The USD/JPY foreign exchange rate has fallen nearly 10 pips at the Tokyo opening Wednesday, unable to penetrate the 101.00 barrier, which thus far has remained ironclad.
USD/JPY in retreat after Japanese data
In Japan, the Domestic Corporate Goods Prices Index (MoM) yielded a growth of +0.1% in June, beating expectations of 0.0%. Moreover, Domestic Corporate Goods Price Index (YoY) has grown in June, in line with consensus expectations. Finally, the Tertiary Industry Index (MoM) came in at +1.2% in May, vs. projections calling for just +0.9%.
Strategic bias
The USD/JPY is presently trading at 101.14 in these moments, securing a slight advance of +0.01% above it’s opening during Asian trading. Collectively, the pair remains buoyed by support at the 101.11 level (55-day MA and 200-day SMA convergence). Ultimately, the pair has remained range bound below the 101.30 level (resistance), which could be indicative of a movement lower or short-term correction.
USD/JPY in retreat after Japanese data
In Japan, the Domestic Corporate Goods Prices Index (MoM) yielded a growth of +0.1% in June, beating expectations of 0.0%. Moreover, Domestic Corporate Goods Price Index (YoY) has grown in June, in line with consensus expectations. Finally, the Tertiary Industry Index (MoM) came in at +1.2% in May, vs. projections calling for just +0.9%.
Strategic bias
The USD/JPY is presently trading at 101.14 in these moments, securing a slight advance of +0.01% above it’s opening during Asian trading. Collectively, the pair remains buoyed by support at the 101.11 level (55-day MA and 200-day SMA convergence). Ultimately, the pair has remained range bound below the 101.30 level (resistance), which could be indicative of a movement lower or short-term correction.