22 Jul 2013
USD/JPY trading at 100.40 region after Japanese elections
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been trading sideways Monday during Asian trading, having experienced a late afternoon resurgence Friday, coupled with the Japanese electoral outcome.
In Japan, Prime Minister Shinzo Abe and his ruling coalition won an anticipated majority in the upper house of parliament in elections Sunday, allowing Abe freeway to fully exercise control over both chambers in order to implement his nationalist agenda, which includes ongoing radical economic reforms.
USD/JPY technical bias
Presently, the USD/JPY is now navigating the area of 100.41, securing a marginal gain of +0.01% during Asian trading. Briefing the technical levels, the USD/JPY will face support at 100.28 (55-day MA), ahead of 100.07 July 16 high), and 99.89 (July 19 low).
In Japan, Prime Minister Shinzo Abe and his ruling coalition won an anticipated majority in the upper house of parliament in elections Sunday, allowing Abe freeway to fully exercise control over both chambers in order to implement his nationalist agenda, which includes ongoing radical economic reforms.
USD/JPY technical bias
Presently, the USD/JPY is now navigating the area of 100.41, securing a marginal gain of +0.01% during Asian trading. Briefing the technical levels, the USD/JPY will face support at 100.28 (55-day MA), ahead of 100.07 July 16 high), and 99.89 (July 19 low).