15 Jul 2013
USD/JPY distancing itself from 100.00 level
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been unable to overtake the 100.00 region during the latter stages of US trading Monday, instead grinding lower amidst an easing movement.
Technically speaking, the USD/JPY is still trading positively at 99.76, up +0.39% in these moments. The Mataf.net analyst team has identified resistances in the short-term at 99.72, then 100.15, and finally 100.61.
USD/JPY strategic bias
According to Stephen Gallo at BMO Capital Markets, “Lower volatility a net supportive factor for Japanese capital outflows and USD/JPY – the 99.20 area in the pair appears to be developing into decent support. Meanwhile, US/Japanese trade balance developments do not necessarily support the case for a much stronger JPY. US political pressure on Japan for a stronger JPY is unlikely to materialize with USD/JPY rate between 100 and 107.”
Technically speaking, the USD/JPY is still trading positively at 99.76, up +0.39% in these moments. The Mataf.net analyst team has identified resistances in the short-term at 99.72, then 100.15, and finally 100.61.
USD/JPY strategic bias
According to Stephen Gallo at BMO Capital Markets, “Lower volatility a net supportive factor for Japanese capital outflows and USD/JPY – the 99.20 area in the pair appears to be developing into decent support. Meanwhile, US/Japanese trade balance developments do not necessarily support the case for a much stronger JPY. US political pressure on Japan for a stronger JPY is unlikely to materialize with USD/JPY rate between 100 and 107.”