2 Sep 2013
USD/JPY loses momentum after hitting 1-month high
FXstreet.com (Córdoba) - The USD/JPY advanced to a 1-month high on Monday as upbeat global PMIs and US delaying any decision on Syria until Congress returns next week boosted sentiment.
USD/JPY climbed more than 100 pips throughout the day, breaking above the 99.00 mark, and hi its highest since Aug 2 at 99.42 during the European session. However, the pair lost momentum and entered in a consolidation phase afterward. At time of writing, USD/JPY is trading at the 99.25 zone, 0.9% above its opening price. With US markets closed due to the Labor Day Holiday, the pair might spend the rest of the day in a range in the absence of news and headlines.
USD/JPY technical levels
As for technical levels, USD/JPY could find immediate resistances at 99.42 (daily high) and 99.93 (Aug 2 high), while supports are seen at 99.00 (psychological level) and 98.70 (20-hour SMA).
USD/JPY climbed more than 100 pips throughout the day, breaking above the 99.00 mark, and hi its highest since Aug 2 at 99.42 during the European session. However, the pair lost momentum and entered in a consolidation phase afterward. At time of writing, USD/JPY is trading at the 99.25 zone, 0.9% above its opening price. With US markets closed due to the Labor Day Holiday, the pair might spend the rest of the day in a range in the absence of news and headlines.
USD/JPY technical levels
As for technical levels, USD/JPY could find immediate resistances at 99.42 (daily high) and 99.93 (Aug 2 high), while supports are seen at 99.00 (psychological level) and 98.70 (20-hour SMA).