5 Sep 2013
USD/JPY now at key resistance at 99.94 after rally of the last hour
FXstreet.com (Barcelona) - The USD/JPY just jumped up to test resistance at 99.94 after two days of consolidation. Make or break time coming up for the bulls and bears.
USD/JPY rallying on Yen weakness
The USD/JPY may have just completed an “abc” correction to the upside with resistance (struggling to stay intact) at around 100.
USDJPY traders still have plenty of data to absorb Thursday:
• US ADP Employment Change;
• US Weekly Jobless Claims;
• US Non-Farm Productivity & Labor Costs;
• US Factory Orders;
• US ISM Non-Manufacturing PMI;
• A potentially informative speech by Fed’s Kocherlakota
Technical outlook for USD/JPY
Technicians are pointing to key “correction resistance” at 99.94 to 100.35 as the next upside target for USD/JPY. They do point out, however, that Yen futures have already broken down below intermediate-term support – thereby increasing the odds of USD/JPY breaking out. Support comes in at 99 and 98.50 for USD/JPY.
USD/JPY rallying on Yen weakness
The USD/JPY may have just completed an “abc” correction to the upside with resistance (struggling to stay intact) at around 100.
USDJPY traders still have plenty of data to absorb Thursday:
• US ADP Employment Change;
• US Weekly Jobless Claims;
• US Non-Farm Productivity & Labor Costs;
• US Factory Orders;
• US ISM Non-Manufacturing PMI;
• A potentially informative speech by Fed’s Kocherlakota
Technical outlook for USD/JPY
Technicians are pointing to key “correction resistance” at 99.94 to 100.35 as the next upside target for USD/JPY. They do point out, however, that Yen futures have already broken down below intermediate-term support – thereby increasing the odds of USD/JPY breaking out. Support comes in at 99 and 98.50 for USD/JPY.