29 Aug 2013
USD/JPY trading on the upper level as Syria’s fears ease
FXstreet.com (Athens) - The USD/JPY moves upwards on Thursday’s European trading session, both on easing Western countries stance on Syria, as well due to dismal Japanese data.
The USD/JPY moves higher as flight to safety eases
The USD/JPY is trading upwards on Thursday, as the President of US, Barack Obama stated that he had not yet decided on the military option against Syria (probably prompted by a parliamentary revolt in the UK against joining the US in such a step.) Nonetheless, intelligence reports are that the US forces build-up in the region continues. As far as tension in Syria eases, markets will move perhaps accordingly to major news. Today, retail sales and spending in Japan released in much weaker levels, pushing downwards the Japanese currency, as this release was not a positive sign for Abenomic’s ability to generate a sustainable domestic recovery.
Technical outlook on USD/JPY
According to Tim Riddell, Head of Global Markets Research in ANZ team, ‘USD/JPY remains the key driver. Current range trading (96-103) is seen as constructive in the context of an underlying
Bias is buy into USD/JPY weakness for a retest of recent highs’. At the time of writing, the pair is trading at 98.17 area, up 0.55%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.
The USD/JPY moves higher as flight to safety eases
The USD/JPY is trading upwards on Thursday, as the President of US, Barack Obama stated that he had not yet decided on the military option against Syria (probably prompted by a parliamentary revolt in the UK against joining the US in such a step.) Nonetheless, intelligence reports are that the US forces build-up in the region continues. As far as tension in Syria eases, markets will move perhaps accordingly to major news. Today, retail sales and spending in Japan released in much weaker levels, pushing downwards the Japanese currency, as this release was not a positive sign for Abenomic’s ability to generate a sustainable domestic recovery.
Technical outlook on USD/JPY
According to Tim Riddell, Head of Global Markets Research in ANZ team, ‘USD/JPY remains the key driver. Current range trading (96-103) is seen as constructive in the context of an underlying
Bias is buy into USD/JPY weakness for a retest of recent highs’. At the time of writing, the pair is trading at 98.17 area, up 0.55%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.