22 Jul 2013
USD/JPY plunges toward 99.40
FXstreet.com (New York) - The USD/JPY foreign exchange rate collapsed Monday morning during US trading, driving downwards towards session lows in these moments and bottoming out in the 99.35 region.
In the United States, Existing Home Sales Change (MoM) fell -1.2% in June, missing expectations of +0.5%. Moreover, Existing Home Sales (MoM) were reported at 5.08M, against estimates calling for 5.26M.
USD/JPY strategic bias
In these moments, the USD/JPY is now operating at 99.41, down a staunch -1.04% Monday. Technically speaking, the Danske Research Team points to supports at 99.32, ahead of 99.04, and 98.88.
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY crept higher all of last week but attempts to clear the three month resistance line at 100.87 have so far failed – only a close above which will put the 101.60 78.6% retracement back on the map. While this level caps, the base of the cloud at circa 97.92/93 could be revisited. It remains sandwiched between these two levels, but we suspect that overall risk is still on the downside.”
In the United States, Existing Home Sales Change (MoM) fell -1.2% in June, missing expectations of +0.5%. Moreover, Existing Home Sales (MoM) were reported at 5.08M, against estimates calling for 5.26M.
USD/JPY strategic bias
In these moments, the USD/JPY is now operating at 99.41, down a staunch -1.04% Monday. Technically speaking, the Danske Research Team points to supports at 99.32, ahead of 99.04, and 98.88.
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY crept higher all of last week but attempts to clear the three month resistance line at 100.87 have so far failed – only a close above which will put the 101.60 78.6% retracement back on the map. While this level caps, the base of the cloud at circa 97.92/93 could be revisited. It remains sandwiched between these two levels, but we suspect that overall risk is still on the downside.”