22 Jul 2013
USD/JPY breaches 100.00 in volatile trading
FXstreet.com (New York) - The USD/JPY foreign exchange rate experienced a large degree of volatility Monday morning at the Tokyo open, retreating below the 100.00 following the Japanese electoral outcome.
In these moments, the USD/JPY is entrenched in negative territory, now operating at 97.81 during Asian trading, en route to a loss of -0.58%. Following a loss of support at 100.28 (55-day MA) and 100.07 July 16 high), the USD/JPY will now look to stabilize at the 99.85 support (July 17 high), ahead of 99.51 (July 18 low).
USD/JPY strategic bias
Japanese monetary policy escaped any mention at the G20, despite the communique pointing out that there would be an avoidance of competitive devaluations. According to Jim Langlands at FX Charts, “The lack of any criticism of the current level of the Yen could give the bears some reason to sell it further on Monday to see what happens of the topside, for both the dollar and the crosses.”
In these moments, the USD/JPY is entrenched in negative territory, now operating at 97.81 during Asian trading, en route to a loss of -0.58%. Following a loss of support at 100.28 (55-day MA) and 100.07 July 16 high), the USD/JPY will now look to stabilize at the 99.85 support (July 17 high), ahead of 99.51 (July 18 low).
USD/JPY strategic bias
Japanese monetary policy escaped any mention at the G20, despite the communique pointing out that there would be an avoidance of competitive devaluations. According to Jim Langlands at FX Charts, “The lack of any criticism of the current level of the Yen could give the bears some reason to sell it further on Monday to see what happens of the topside, for both the dollar and the crosses.”