27 May 2014
USD/JPY flirts with 102.00
FXStreet (Edinburgh) - The greenback is now gathering traction vs. the Japanese yen, pushing the USD/JPY to challenge session tops around the 102.00 handle.
USD/JPY lifted by data
Spot got extra wings after US Durable Goods Orders surprised investors to the upside in April, expanding 0.8% vs. a 0.5% contraction forecasted. Excluding the Transportation sector, orders also bettered estimates at 0.1%. Next on tap will be the US Consumer Confidence ahead of the S&P/Case-Shiller index. According to the last CFTC Report, Analyst Christian Lawrence at Rabobank commented, " The previous increase in JPY shorts was more than reversed as positioning was pared back to the lowest level of net shorts since November of last year”.
USD/JPY significant levels
The pair is now up 0.03% at 101.96 and a breakout of 102.05 (high May 26) would open the door to 102.13 (high May 15) and then 102.28 (high May 14). On the other hand, the initial support aligns at 101.59 (low May 23) ahead of 101.47 (low May 22) and finally 100.81 (low May 21).
USD/JPY lifted by data
Spot got extra wings after US Durable Goods Orders surprised investors to the upside in April, expanding 0.8% vs. a 0.5% contraction forecasted. Excluding the Transportation sector, orders also bettered estimates at 0.1%. Next on tap will be the US Consumer Confidence ahead of the S&P/Case-Shiller index. According to the last CFTC Report, Analyst Christian Lawrence at Rabobank commented, " The previous increase in JPY shorts was more than reversed as positioning was pared back to the lowest level of net shorts since November of last year”.
USD/JPY significant levels
The pair is now up 0.03% at 101.96 and a breakout of 102.05 (high May 26) would open the door to 102.13 (high May 15) and then 102.28 (high May 14). On the other hand, the initial support aligns at 101.59 (low May 23) ahead of 101.47 (low May 22) and finally 100.81 (low May 21).