24 Jun 2013
USD/JPY testing 98.00 level
FXstreet.com (New York) - The USD/JPY foreign exchange rate plunged during European trading, losing its grip on the 98.00 level Monday in a rapid paring of gains.
USD/JPY cannot overtake 1.5500
At the time of writing, the USD/JPY technical pair surrendered all of its daily gains to test the 98.00 barrier. According to the Research Analyst Gareth Berry at UBS, “The USD/JPY is approaching resistance at 98.76, while a closing break above which would prolong the recovery to 99.94. Meanwhile, support is at 96.21 ahead of 93.57.”
USD/JPY 100.00 figure still in sights
“Despite the recent volatility in the exchange rate, the outcome in Japan bodes well for the prime minister's prospects in the upcoming Upper House elections, which are likely to be held on July 21 – this in turn is good news for USD/JPY.” Berry adds.
USD/JPY cannot overtake 1.5500
At the time of writing, the USD/JPY technical pair surrendered all of its daily gains to test the 98.00 barrier. According to the Research Analyst Gareth Berry at UBS, “The USD/JPY is approaching resistance at 98.76, while a closing break above which would prolong the recovery to 99.94. Meanwhile, support is at 96.21 ahead of 93.57.”
USD/JPY 100.00 figure still in sights
“Despite the recent volatility in the exchange rate, the outcome in Japan bodes well for the prime minister's prospects in the upcoming Upper House elections, which are likely to be held on July 21 – this in turn is good news for USD/JPY.” Berry adds.