1 Aug 2013
USD/JPY bid towards key data
FXstreet.com (London) - USD/JPY is continuing to head towards the 99.00 handle prior to key global data releases coming up.
The key driver for the pair will be the dollar for today as it will be reacting to the European banks, BoE and ECB meeting later and accompanying supporting data releases and press conference. There are also a number of US data releases there after such as ISM Manufacturing PMI (Jul). USD/JPY is bid again after dropping initially post FOMC disappointed where the pair fells from 98.40 to 97.70.
USD/JPY resistance
Rallies are likely to find initial resistance at 99.25/35 ahead of the 100.55 resistance line. The 20d ma is at 99.46, 50d ma at 98.84 and 200d ma is at 92.88. RSI reads (36.21) while supports ascending from 96.20 are 96.95, 97.24, 97.59, 98.25, 98.57. Spot comes as 98.70 with resistance 99.00, 99.25/35 and 100.00. Rallies have been blocked by the 100.55 resistance line before and the 101.60/78.6% retracement.
The key driver for the pair will be the dollar for today as it will be reacting to the European banks, BoE and ECB meeting later and accompanying supporting data releases and press conference. There are also a number of US data releases there after such as ISM Manufacturing PMI (Jul). USD/JPY is bid again after dropping initially post FOMC disappointed where the pair fells from 98.40 to 97.70.
USD/JPY resistance
Rallies are likely to find initial resistance at 99.25/35 ahead of the 100.55 resistance line. The 20d ma is at 99.46, 50d ma at 98.84 and 200d ma is at 92.88. RSI reads (36.21) while supports ascending from 96.20 are 96.95, 97.24, 97.59, 98.25, 98.57. Spot comes as 98.70 with resistance 99.00, 99.25/35 and 100.00. Rallies have been blocked by the 100.55 resistance line before and the 101.60/78.6% retracement.