29 Aug 2013
USD/JPY easing from 98.50
FXstreet.com (Edinburgh) -The USD has resumed its appreciation against the Japanese yen on Thursday, pushing the USD/JPY to a decent upside from overnight lows around 97.40 to the recent peaks around 98.50.
USD/JPY higher on Syria, data
The softer tone in the JPY came after jitters on the Syrian front eased a tad since yesterday, albeit the situation remains highly critical. Poor data from the Japanese retailers also added to the intraday bearishness of the yen. Analysts at BTMU remain neutral on the pair for the upcoming week, adding “We expect expectations of a September tapering to be maintained but geopolitical events in the Middle East might counter any upside enthusiasm in USD/JPY. The week ahead may be the time in which the US, UK and France jointly attack Syria and hence risk aversion will limit USD/JPY especially on any approach toward the key 100.00 level”.
USD/JPY relevant levels
As of writing the pair is up 0.68% at 98.29 facing the next hurdle at 98.54 (high Aug.27) followed by 98.75 (cloud base) and then 99.15 (high Aug.23). On the downside, a break below 97.45 (low Aug.29) would expose 96.81 (low Aug.28) and finally 95.92 (low Aug.12).
USD/JPY higher on Syria, data
The softer tone in the JPY came after jitters on the Syrian front eased a tad since yesterday, albeit the situation remains highly critical. Poor data from the Japanese retailers also added to the intraday bearishness of the yen. Analysts at BTMU remain neutral on the pair for the upcoming week, adding “We expect expectations of a September tapering to be maintained but geopolitical events in the Middle East might counter any upside enthusiasm in USD/JPY. The week ahead may be the time in which the US, UK and France jointly attack Syria and hence risk aversion will limit USD/JPY especially on any approach toward the key 100.00 level”.
USD/JPY relevant levels
As of writing the pair is up 0.68% at 98.29 facing the next hurdle at 98.54 (high Aug.27) followed by 98.75 (cloud base) and then 99.15 (high Aug.23). On the downside, a break below 97.45 (low Aug.29) would expose 96.81 (low Aug.28) and finally 95.92 (low Aug.12).