1 Aug 2013
USD/JPY reaching weekly highs as steady climb continues
FXstreet.com (Chicago) - USD/JPY continued to rise on Fed’s remarks and better than expected job and manufacturing data releases.
Earlier today, initial jobless claims were published by the US Department of Labor. Dropping to 326K vs. expected 345K and previous 343K, jobless claims decreased for the month of July. The Institute of Supply Management also released its PMI at 55.4 vs. projected 52.0 and previous 50.9 consolidating signs of a recovering US economy. On aftermath of Fed’s decision to maintain 0.25% interest rates, the attention now shifts to Friday’s nonfarm payrolls. In Japan, market participants were bullish on Asian stocks as Nikkei closed with 2.47% gains, recovering most of Tuesday’s losses.
Price action indicated an upward trend as pair traded at 99.38 at moment of writing, oscillating between supports at 98.59 (July 29 highs), 98.84 (July 12 lows), 99.00 (June 7 highs) and above resistance at 99.19 (July 13 highs). The pair continued to approach resistance at 99.40 (June 10 highs) followed by 99.66 (July 14 highs) resistance. The FXstreet.com technical studies confirmed slightly bullish trend as pair had accumulated 1.58% since opening and the MACD indicator pointed up.
Earlier today, initial jobless claims were published by the US Department of Labor. Dropping to 326K vs. expected 345K and previous 343K, jobless claims decreased for the month of July. The Institute of Supply Management also released its PMI at 55.4 vs. projected 52.0 and previous 50.9 consolidating signs of a recovering US economy. On aftermath of Fed’s decision to maintain 0.25% interest rates, the attention now shifts to Friday’s nonfarm payrolls. In Japan, market participants were bullish on Asian stocks as Nikkei closed with 2.47% gains, recovering most of Tuesday’s losses.
Price action indicated an upward trend as pair traded at 99.38 at moment of writing, oscillating between supports at 98.59 (July 29 highs), 98.84 (July 12 lows), 99.00 (June 7 highs) and above resistance at 99.19 (July 13 highs). The pair continued to approach resistance at 99.40 (June 10 highs) followed by 99.66 (July 14 highs) resistance. The FXstreet.com technical studies confirmed slightly bullish trend as pair had accumulated 1.58% since opening and the MACD indicator pointed up.