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15 Aug 2013
USD/JPY flat around 98.00
FXstreet.com (Edinburgh) -The Japanese yen continues its decline against its American counterpart on Thursday, lifting the USD/JPY back above 98.00 the figure after dipping to 97.60.
USD/JPY focus on US docket
Decent results from today’s US economy might revert the intraday USD weakness and add extra buying interest to the pair, leaving the door open for a new visit to weekly peaks around 98.45/50. Sebastien Galy, Strategist at Societe Generale, assessed, “Our position indicator suggests that the market remains still very much long USD/JPY leaving the risk reward for topside USD/JPY none the best. USD/JPY 99 is still the fair value under abenomics identified months ago and we should oscillate around and especially below it before we rally higher”.
USD/JPY levels to watch
At the moment the pair is advancing 0.01% at 98.15 facing the next hurdle at 98.30 (high Aug.15) followed by 98.43(Kijun Sen line) and finally 98.75 (cloud base). On the downside, a break below 97.48 (Tenkan Sen line) would bring 96.88 (low Aug.13) and finally 95.92 (low Aug.12).
USD/JPY focus on US docket
Decent results from today’s US economy might revert the intraday USD weakness and add extra buying interest to the pair, leaving the door open for a new visit to weekly peaks around 98.45/50. Sebastien Galy, Strategist at Societe Generale, assessed, “Our position indicator suggests that the market remains still very much long USD/JPY leaving the risk reward for topside USD/JPY none the best. USD/JPY 99 is still the fair value under abenomics identified months ago and we should oscillate around and especially below it before we rally higher”.
USD/JPY levels to watch
At the moment the pair is advancing 0.01% at 98.15 facing the next hurdle at 98.30 (high Aug.15) followed by 98.43(Kijun Sen line) and finally 98.75 (cloud base). On the downside, a break below 97.48 (Tenkan Sen line) would bring 96.88 (low Aug.13) and finally 95.92 (low Aug.12).