22 Jul 2013
USD/JPY testing 100.00
FXstreet.com (London) - USD/JPY has opened the European session testing through 100.00 to the upside once again post the ruling LDP-New Komeito victory yesterday.
USD/JPY’s reaction has been somewhat muted, but the gap in the charts sub 100.00 has seen the European session attracted to the area as a buying opportunity. “The government is now in control of both parliamentary chambers, and so the stage is set for fresh fiscal initiatives combined with the introduction of longer-term growth-enhancing structural reforms” – source, UBS FX Strategy, Gareth Berry.
USD/JPY capped
USD/JPY has been capped ahead of 100.87 last week and acts as a key target and resistance area before 101.60, the 78.6% retracement. Should failures to the upside continue and price action minimised to this current range, the base of the cloud at circa 97.92/93 could be tested again.
USD/JPY’s reaction has been somewhat muted, but the gap in the charts sub 100.00 has seen the European session attracted to the area as a buying opportunity. “The government is now in control of both parliamentary chambers, and so the stage is set for fresh fiscal initiatives combined with the introduction of longer-term growth-enhancing structural reforms” – source, UBS FX Strategy, Gareth Berry.
USD/JPY capped
USD/JPY has been capped ahead of 100.87 last week and acts as a key target and resistance area before 101.60, the 78.6% retracement. Should failures to the upside continue and price action minimised to this current range, the base of the cloud at circa 97.92/93 could be tested again.