12 Jul 2013
USD/JPY testing the 99.00 barrier
FXstreet.com (New York) - The USD/JPY foreign exchange rate has edged slightly higher during Asian trading Friday to retest the 99.00 region after 24-hours of volatile trading that roiled the pair yesterday.
USD/JPY strategic bias
Technically speaking, the USD/JPY is trading 98.99, attempting to consolidate its position at the 99.00 barrier during Asian trading. The pair presently remains fortified by supports at 98.75, then 98.58 (June 27 high), and finally 98.37 (July 11 low). On the ascension, resistances lie ahead at 99.37 (July 3 low), onto 99.54 (July 4 low).
According to Global FX Strategist Sean Callow at Westpac, “Voters will go to the polls to elect half of the 242 seats in the House of Councilors July 21. Abe is expected to command a majority at home and this simply has to be good news for the coveted ‘third arrow’. We maintain our buy dips bias, but would rather wait for dips back towards 97/98.00.”
USD/JPY strategic bias
Technically speaking, the USD/JPY is trading 98.99, attempting to consolidate its position at the 99.00 barrier during Asian trading. The pair presently remains fortified by supports at 98.75, then 98.58 (June 27 high), and finally 98.37 (July 11 low). On the ascension, resistances lie ahead at 99.37 (July 3 low), onto 99.54 (July 4 low).
According to Global FX Strategist Sean Callow at Westpac, “Voters will go to the polls to elect half of the 242 seats in the House of Councilors July 21. Abe is expected to command a majority at home and this simply has to be good news for the coveted ‘third arrow’. We maintain our buy dips bias, but would rather wait for dips back towards 97/98.00.”