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21 Oct 2013
USD/JPY testing highs around 98.30
FXstreet.com (Edinburgh) -The USD is now gathering steam, lifting the USD/JPY to test intraday tops beyond 98.20 at the beginning of the week.
USD/JPY bolstered by Japanese data
Japanese trade deficit eased a tad during September to ¥932.1 billion vs ¥962.8 billion from the previous month, although expectations were calling for a reduction to ¥920.0 billion. Of note was the reduction from the exports, expanding below estimates 11.5% vs. 15.6%. “The persistent trade balance highlights the issues for the Abe government, and suggest we main need to see signals of additional reforms before the next big move in the JPY. In the short term, that could leave USD/JPY within the broader neutral range that has developed since the spring”, observed analysts at TD Securities.
USD/JPY key levels
As of writing the pair is up 0.46% at 98.20 with the next resistance at 99.01 (high Oct.17). On the flip side, a breach of 97.55 (low Oct.18) would open the door to 97.49 (61.8% of 96.55-99.01) and then 97.35 (low Oct.10).
USD/JPY bolstered by Japanese data
Japanese trade deficit eased a tad during September to ¥932.1 billion vs ¥962.8 billion from the previous month, although expectations were calling for a reduction to ¥920.0 billion. Of note was the reduction from the exports, expanding below estimates 11.5% vs. 15.6%. “The persistent trade balance highlights the issues for the Abe government, and suggest we main need to see signals of additional reforms before the next big move in the JPY. In the short term, that could leave USD/JPY within the broader neutral range that has developed since the spring”, observed analysts at TD Securities.
USD/JPY key levels
As of writing the pair is up 0.46% at 98.20 with the next resistance at 99.01 (high Oct.17). On the flip side, a breach of 97.55 (low Oct.18) would open the door to 97.49 (61.8% of 96.55-99.01) and then 97.35 (low Oct.10).