19 Nov 2013
The Redbook index contracted at a monthly pace of 0.7% and expanded 3.5% over the last twelve months in the week ended on November 10 vs. previous prints at -0.8% and 3.3%, respectively.
FXstreet.com (Edinburgh) - The increasing risk-on tone is now pushing the USD/JPY higher, extending the bounce off the area around 99.60 to current session highs beyond 100.20.
USD/JPY weekly upside capped at 100.20
The pair seems to struggle to follow through the 100.20/30 band so far, with the key level at 100.60 (September peaks) lying directly above. The USD/JPY managed to shrug off the dovish comments from Fed’s W.Dudley overnight, climbing to higher ground after bottoming out near 99.60. “There is an important retracement support at 99.36. There’s potential of resumption of strength from here, with resistance at 100.61 ahead of 101.53”, suggested analysts at UBS.
USD/JPY key levels
At the moment the pair is advancing 0.20% at 100.10 with the next resistance at 100.39 (high Nov.18) ahead of 100.43 (high Nov.15) and then 100.62 (high Sep.11). On the downside, a break below 99.56 (low Nov.19) would open the door to 99.14 (low Nov.14) and finally 99.10 (low Nov.13).
USD/JPY weekly upside capped at 100.20
The pair seems to struggle to follow through the 100.20/30 band so far, with the key level at 100.60 (September peaks) lying directly above. The USD/JPY managed to shrug off the dovish comments from Fed’s W.Dudley overnight, climbing to higher ground after bottoming out near 99.60. “There is an important retracement support at 99.36. There’s potential of resumption of strength from here, with resistance at 100.61 ahead of 101.53”, suggested analysts at UBS.
USD/JPY key levels
At the moment the pair is advancing 0.20% at 100.10 with the next resistance at 100.39 (high Nov.18) ahead of 100.43 (high Nov.15) and then 100.62 (high Sep.11). On the downside, a break below 99.56 (low Nov.19) would open the door to 99.14 (low Nov.14) and finally 99.10 (low Nov.13).