19 Jul 2013
USD/JPY touches the 100 handle on Yen strength
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 100.07, off recent session lows at 99.94, posted on the back of broad USD weakness, following a massive sell-off in Nikkei futures.
USD/JPY lower on Nikkei selling off
“Our hedge fund insider @FXWW888 reported earlier that a macro fund was behind the sell-off in the Nikkei,” said FXWW founder Sean Lee, adding: “The last time we saw a big macro fund dumping assets we saw the USD/JPY fall by 10% pretty quickly. This is probably just a one-off flow after poor data from Microsoft earlier today spooked them a bit, but it’s always worth watching what the big macros are doing.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at recent session lows 99.95, followed by past Friday's highs at 99.70, and July 04 lows at 99.47. Closest resistance to the upside shows at NY session lows 100.35, followed by Monday's previous weekly highs at 100.54, and July 09 lows at 100.75.
USD/JPY lower on Nikkei selling off
“Our hedge fund insider @FXWW888 reported earlier that a macro fund was behind the sell-off in the Nikkei,” said FXWW founder Sean Lee, adding: “The last time we saw a big macro fund dumping assets we saw the USD/JPY fall by 10% pretty quickly. This is probably just a one-off flow after poor data from Microsoft earlier today spooked them a bit, but it’s always worth watching what the big macros are doing.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at recent session lows 99.95, followed by past Friday's highs at 99.70, and July 04 lows at 99.47. Closest resistance to the upside shows at NY session lows 100.35, followed by Monday's previous weekly highs at 100.54, and July 09 lows at 100.75.