10 Jun 2013
USD/JPY trading near session highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has edged higher Monday, recording fresh session highs during the European session and attempting to pare last weeks staunch losses.
At the time of writing, the technical pair is trading near its intraday maximum of 98.81 Monday settling officially at 98.69/72, up a robust +0.82%. As the pair remains entrenched in positive territory, Mataf.net analysts calculate resistive measures for the USD/JPY at 99.14, onto 100.43, and ultimately 102.50. On the pullback, a break below the 95.78 handle will initiate supports at 93.71 and 92.41.
“The pronounced 25% slide in the JPY, which accelerated from the third quarter of 2012, may have based in May, however JPY rebounds should be seen as corrective. Moreover, indicator divergence has been building since March. Corrections of 10% should be considered as standard after such a sharp and persistent downtrend, but the market is bound to fear a reversal.” warns Head of Global Markets Research TIm Riddell at ANZ.
Trading below 99.85 figure fosters negativity
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved to the upside last Friday and the beginning of this week’s trading, however is still trading under the previously broken ascending channel. Prolonged stability below 99.85 is negative and might bring the downside move again.”
At the time of writing, the technical pair is trading near its intraday maximum of 98.81 Monday settling officially at 98.69/72, up a robust +0.82%. As the pair remains entrenched in positive territory, Mataf.net analysts calculate resistive measures for the USD/JPY at 99.14, onto 100.43, and ultimately 102.50. On the pullback, a break below the 95.78 handle will initiate supports at 93.71 and 92.41.
“The pronounced 25% slide in the JPY, which accelerated from the third quarter of 2012, may have based in May, however JPY rebounds should be seen as corrective. Moreover, indicator divergence has been building since March. Corrections of 10% should be considered as standard after such a sharp and persistent downtrend, but the market is bound to fear a reversal.” warns Head of Global Markets Research TIm Riddell at ANZ.
Trading below 99.85 figure fosters negativity
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved to the upside last Friday and the beginning of this week’s trading, however is still trading under the previously broken ascending channel. Prolonged stability below 99.85 is negative and might bring the downside move again.”