25 Jul 2013
USD/JPY falls below 99.00 level and bounces
FXstreet.com (New York) - The USD/JPY foreign exchange rate recently bounced off lows that took the pair below the 99.00 barrier (98.88 intraday low), regaining the 99.00 level in recent moments after Fed rumors abound.
At the time of writing, the USD/JPY is deeply entrenched in negative territory, relegated to losses of -1.06% and recently regaining the 99.18 level. Technically speaking, the USD/JPY is now trading at the 99.20 support and remains fortified by short-term supports at 98.80, ahead of 98.55.
USD/JPY strategic bias
According to Global FX Strategist Sean Callow at Westpac, “We are happy to wait for more sustained dips in the USD/JPY. The recent pick-up in Japanese buying of foreign bonds adds to that view. At the risk of missing a move higher, we wait for a dip back towards 97/98.00.”
At the time of writing, the USD/JPY is deeply entrenched in negative territory, relegated to losses of -1.06% and recently regaining the 99.18 level. Technically speaking, the USD/JPY is now trading at the 99.20 support and remains fortified by short-term supports at 98.80, ahead of 98.55.
USD/JPY strategic bias
According to Global FX Strategist Sean Callow at Westpac, “We are happy to wait for more sustained dips in the USD/JPY. The recent pick-up in Japanese buying of foreign bonds adds to that view. At the risk of missing a move higher, we wait for a dip back towards 97/98.00.”