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1 Nov 2013
USD/JPY approaching highs near 98.40
FXstreet.com (Edinburgh) -After dipping to the area of 97.80, the USD/JPY managed to gather steam, not only regaining the 98.00 handle but also attempting to follow through overnight peaks near 98.40.
USD/JPY recovering with the USD
The firmer tone from the greenback allowed the pair to recover ground lost and revert the last two weekly closes in the red territory, consolidating now above 98.00 the figure. The next risk event for the pair would be today’s ISM Manufacturing although market participants would surely pay attention to speeches by Fed’s Bullard, Kocherlakota and Lacker as well. “Expect the pair to remain resistant to downside dips in the near term while on the topside, a breach above the 55-day MA (98.38) may invite a test towards 98.70 in short order. Initial support meanwhile is seen towards 98.00”, observed Emmanuel Ng, Strategist at OCBC Bank.
USD/JPY key levels
At the moment the pair is down just 0.05% at 98.30 with the next support at 97.56 (MA200d) followed by 97.46 (low Oct.29) and then 97.44 (low Oct.28). On the flip side, a break above 98.38 (high Nov.1) would open the door to 98.43 (cloud base) and then 98.57 (high Oct.31).
USD/JPY recovering with the USD
The firmer tone from the greenback allowed the pair to recover ground lost and revert the last two weekly closes in the red territory, consolidating now above 98.00 the figure. The next risk event for the pair would be today’s ISM Manufacturing although market participants would surely pay attention to speeches by Fed’s Bullard, Kocherlakota and Lacker as well. “Expect the pair to remain resistant to downside dips in the near term while on the topside, a breach above the 55-day MA (98.38) may invite a test towards 98.70 in short order. Initial support meanwhile is seen towards 98.00”, observed Emmanuel Ng, Strategist at OCBC Bank.
USD/JPY key levels
At the moment the pair is down just 0.05% at 98.30 with the next support at 97.56 (MA200d) followed by 97.46 (low Oct.29) and then 97.44 (low Oct.28). On the flip side, a break above 98.38 (high Nov.1) would open the door to 98.43 (cloud base) and then 98.57 (high Oct.31).