21 Aug 2013
USD/JPY is trading higher ahead as todays big event looms
FXstreet.com (Athens) - USD/JPY is trading at 97.44, up 0.18% on the days trading ahead of of today´s FOMC.
USD/JPY positioned higher on Aso commentary
The Japanese Finance Minister Aso reported to say that ‘economic indicators are all improving so far’. Furthermore, he added that “he doesn't see any convincing reason to postpone the sales-tax rise”, although there was not significant reaction after this comment. Japanese Supermarket sales reported in July down 0.5%, versus up 2.7%, on a yearly basis. Investors should bear in mind that Nikkei Index down 0.79% as USD/JPY is up 0.18%. Correlation between the two has risen from 0.41 for the past year to 0.65 for the past week.
Technical outlook on USD/JPY
At the time of writing, USD/JPY is trading at 97.44, up 0.22%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 97.00, 96.82, 96.57 and resistance at 98.09, 98.17 and 98.33, respectively
USD/JPY positioned higher on Aso commentary
The Japanese Finance Minister Aso reported to say that ‘economic indicators are all improving so far’. Furthermore, he added that “he doesn't see any convincing reason to postpone the sales-tax rise”, although there was not significant reaction after this comment. Japanese Supermarket sales reported in July down 0.5%, versus up 2.7%, on a yearly basis. Investors should bear in mind that Nikkei Index down 0.79% as USD/JPY is up 0.18%. Correlation between the two has risen from 0.41 for the past year to 0.65 for the past week.
Technical outlook on USD/JPY
At the time of writing, USD/JPY is trading at 97.44, up 0.22%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 97.00, 96.82, 96.57 and resistance at 98.09, 98.17 and 98.33, respectively