19 Jul 2013
USD/JPY edging higher towards session highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been creeping higher during Asian trading Friday morning at the Tokyo open, presently trading at session highs.
In Japan, Foreign Investment in Japanese stocks (July 12) came in at ¥398.2B, against expectations of ¥485.3B. Moreover, Foreign Bond Investment (Jul1 12) was reported at ¥1,105.7B, vs. projections of ¥973.9B.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows indicators for the USD/JPY maintain an upward tone, with the price retraces some from the highs and approaching immediate short-term support around 100.30. As long as above the level, there’s little risk of short-term slides, yet once below, the pair is exposed back to the downside, probably falling back below the 100.00 mark.”
In recent moments the USD/JPY is navigating the region of 100.62 up +0.11% above its opening. Briefing the technical levels, a push higher will test resistances at 100.81 (July 9 low), onto 101.19 (July 10 high), and 101.30 (July 9 high).
In Japan, Foreign Investment in Japanese stocks (July 12) came in at ¥398.2B, against expectations of ¥485.3B. Moreover, Foreign Bond Investment (Jul1 12) was reported at ¥1,105.7B, vs. projections of ¥973.9B.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows indicators for the USD/JPY maintain an upward tone, with the price retraces some from the highs and approaching immediate short-term support around 100.30. As long as above the level, there’s little risk of short-term slides, yet once below, the pair is exposed back to the downside, probably falling back below the 100.00 mark.”
In recent moments the USD/JPY is navigating the region of 100.62 up +0.11% above its opening. Briefing the technical levels, a push higher will test resistances at 100.81 (July 9 low), onto 101.19 (July 10 high), and 101.30 (July 9 high).