12 Jul 2013
USD/JPY declines after overnight range
FXstreet.com (Barcelona) - Having largely ranged overnight, USD/JPY has edged lower into the European session, and is currently trading at 98.92.
The pair spent much of yesterday´s trading ranging in an ever decreasing range, making a low at 98.67 and a high at 99.31 during subdued overnight trading. Gradually improving Japanese data had little effect on an overnight market which spent much of the Asia session trading in a near 20 pip range. Emmanuel Ng of OCBC Bank comments, “We turn increasingly neutral on the USD/JPY in the near term given that stale bullish dollar bets globally may continue to see a capitulation in the near term.”
USD/JPY looks technically neutral
Arnaud Jeulin of Mataf.net is neutral on the pair, noting support below at 98.65, 98.25 and 97.85, with resistance ahead at 99.50, 100.00 and 100.65. Further, hourly RSI is at 43 and Stochastics at 56, and both Oscillators look set to continue to range.
The pair spent much of yesterday´s trading ranging in an ever decreasing range, making a low at 98.67 and a high at 99.31 during subdued overnight trading. Gradually improving Japanese data had little effect on an overnight market which spent much of the Asia session trading in a near 20 pip range. Emmanuel Ng of OCBC Bank comments, “We turn increasingly neutral on the USD/JPY in the near term given that stale bullish dollar bets globally may continue to see a capitulation in the near term.”
USD/JPY looks technically neutral
Arnaud Jeulin of Mataf.net is neutral on the pair, noting support below at 98.65, 98.25 and 97.85, with resistance ahead at 99.50, 100.00 and 100.65. Further, hourly RSI is at 43 and Stochastics at 56, and both Oscillators look set to continue to range.