19 Jul 2013
USD/JPY extends above 100.50 level towards highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate moved higher Friday, holding onto the majority of yesterday’s gains, beginning an upward retracement during Asian trading.
The Fed’s plan to taper QE will be a major talking point of the G20 meeting tonight and over the weekend. According to Analyst Mike Jones at BNZ, “We can expect the usual soothing words about the global economy and a repetition of the usual line that the G20 will not target exchange rates for competitive purposes. We doubt there will be anything for markets to get excited about. With little else on the economic data calendar, it’s shaping up as a quiet end to the week.”
USD/JPY strategic bias
At the time of writing, the USD/JPY is settling at 100.52, notching a marginal advance of +0.06% and residing at session highs. Technically speaking, an upward thrust will be tempered by resistances at 100.81 (July 9 low), onto 101.19 (July 10 high), and 101.30 (July 9 high).
The USD/JPY is still stable above 99.95 resistance-now-turned support and the positive linear regression indicators, despite a faltering upside move yesterday during US trading. Positive expectations are maintained Friday with the pair achieving stability above its 200-day SMA, though presently the MACD resides in negative territory.
The Fed’s plan to taper QE will be a major talking point of the G20 meeting tonight and over the weekend. According to Analyst Mike Jones at BNZ, “We can expect the usual soothing words about the global economy and a repetition of the usual line that the G20 will not target exchange rates for competitive purposes. We doubt there will be anything for markets to get excited about. With little else on the economic data calendar, it’s shaping up as a quiet end to the week.”
USD/JPY strategic bias
At the time of writing, the USD/JPY is settling at 100.52, notching a marginal advance of +0.06% and residing at session highs. Technically speaking, an upward thrust will be tempered by resistances at 100.81 (July 9 low), onto 101.19 (July 10 high), and 101.30 (July 9 high).
The USD/JPY is still stable above 99.95 resistance-now-turned support and the positive linear regression indicators, despite a faltering upside move yesterday during US trading. Positive expectations are maintained Friday with the pair achieving stability above its 200-day SMA, though presently the MACD resides in negative territory.