24 Jul 2013
USD/JPY session highs
FXstreet.com (London) - USD/JPY has made session highs 100.38 on the hourly chart, supported afterward with positive US data.
The dollar positioned itself marginally higher pre data across the board and was initially supported by Markit Manufacturing PMI beating expectations at 53.2 vs 51.9. Since the data release, the market has begun to settle a little lower descending through the 100.20’s and attracting offers here on a relatively quieter day in money markets at the start of the holiday season. The traders who are at their desks will be now looking to New Home Sales (MoM) for June at 2GMT and this is expected to print 0.485m.
USD/JPY eyes 100.65 target
USD/JPY has the 2 month resistance line which is offering key resistance at 100.92 and the 101.60/78.6% retracement. First, 100.65 are last Thursdays high to break. 100.92 will be proving a challenge to the bulls, while 100.20 prove to be the next hurdle. Thereafter, and while capped by 101.60, the base of the cloud at circa 97.67 could be revisited. The market remains capped and while the pair struggles to cross above 99.80, this forms a descending resistance line from 100.80/90. The base of the cloud will be protecting 96.75/95.40 en route to the recent lows, 93.75 and above 101.60 brings the May highs into focus en rout for 105.00 areas.
The dollar positioned itself marginally higher pre data across the board and was initially supported by Markit Manufacturing PMI beating expectations at 53.2 vs 51.9. Since the data release, the market has begun to settle a little lower descending through the 100.20’s and attracting offers here on a relatively quieter day in money markets at the start of the holiday season. The traders who are at their desks will be now looking to New Home Sales (MoM) for June at 2GMT and this is expected to print 0.485m.
USD/JPY eyes 100.65 target
USD/JPY has the 2 month resistance line which is offering key resistance at 100.92 and the 101.60/78.6% retracement. First, 100.65 are last Thursdays high to break. 100.92 will be proving a challenge to the bulls, while 100.20 prove to be the next hurdle. Thereafter, and while capped by 101.60, the base of the cloud at circa 97.67 could be revisited. The market remains capped and while the pair struggles to cross above 99.80, this forms a descending resistance line from 100.80/90. The base of the cloud will be protecting 96.75/95.40 en route to the recent lows, 93.75 and above 101.60 brings the May highs into focus en rout for 105.00 areas.