1 Aug 2013
USD/JPY breaks above 99.00
FXstreet.com (Córdoba) - The USD/JPY broke above the 99.00 mark and extended gains to a fresh weekly high during the American session, underpinned by strong US data.
USD/JPY hits fresh weekly highs
USD/JPY climbed to a fresh high of 99.36 propelled by better than expected US Markit and ISM manufacturing PMI’s for July. However, the pair found resistance and pulled back slightly, to currently trade around 99.30, where it records a 1.5% gain on the day, having recovered from a low of 97.65 scored during the Asian session.
USD/JPY holds above 100-day SMA
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that price holds above 100 DMA around 98.45, so a daily close above this level will point for further upside towards strong 100.00 area. Bednarik locates next resistance levels at 99.50 and 99.85, while she sees supports at 98.45, 98.00 and 97.60.
USD/JPY hits fresh weekly highs
USD/JPY climbed to a fresh high of 99.36 propelled by better than expected US Markit and ISM manufacturing PMI’s for July. However, the pair found resistance and pulled back slightly, to currently trade around 99.30, where it records a 1.5% gain on the day, having recovered from a low of 97.65 scored during the Asian session.
USD/JPY holds above 100-day SMA
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that price holds above 100 DMA around 98.45, so a daily close above this level will point for further upside towards strong 100.00 area. Bednarik locates next resistance levels at 99.50 and 99.85, while she sees supports at 98.45, 98.00 and 97.60.