22 Aug 2013
USD/JPY high 98.46
FXstreet.com (Barcelona) - USD/JPY reached a high of 98.46 in London while the markets digested the FOMC minutes, which read a little more hawkish than expected.
USD/JPY has been capped here for the time being although the ‘risk off’ conditions in the market is favouring the US dollar that included the JPY. The focus is on the US and the weekly initial unemployment claims today that will be closely monitored after the impressive fall to just 320K last week. The results could prove a strong US labour market. The annual Jackson Hole conference for central bankers also starts today. However, there No prominent Fed speakers that are scheduled, so there shouldn’t be any new insight into Fed's monetary policy thinking.
USD/JPY in positive territory
Axel Rudolph Senior Technical Analyst at Commerzbank said, “Should last week’s high at 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.67. While these levels cap, recent downside pressure should be maintained, though”. The 20 DMA is 97.71, the 50 DMA is 98.40 and the 200 DMA is 94.21. RSI (9) reads 49.67. Supports are ascending from 97.13, 97.35, 97.55, and 97.85. Spot is currently 98.40 while resistances are 98.48, 98.66, 98.78 and 99.15.
USD/JPY has been capped here for the time being although the ‘risk off’ conditions in the market is favouring the US dollar that included the JPY. The focus is on the US and the weekly initial unemployment claims today that will be closely monitored after the impressive fall to just 320K last week. The results could prove a strong US labour market. The annual Jackson Hole conference for central bankers also starts today. However, there No prominent Fed speakers that are scheduled, so there shouldn’t be any new insight into Fed's monetary policy thinking.
USD/JPY in positive territory
Axel Rudolph Senior Technical Analyst at Commerzbank said, “Should last week’s high at 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.67. While these levels cap, recent downside pressure should be maintained, though”. The 20 DMA is 97.71, the 50 DMA is 98.40 and the 200 DMA is 94.21. RSI (9) reads 49.67. Supports are ascending from 97.13, 97.35, 97.55, and 97.85. Spot is currently 98.40 while resistances are 98.48, 98.66, 98.78 and 99.15.