21 Aug 2013
USD/JPY, on shaky grounds; back to 97.60 zone
FXstreet.com (Chicago) - USD/JPY accumulates 0.36% daily gains so far ahead of the FOMC minutes the world has been waiting for. The pair has strengthened throughout the day after the release of better than expected housing market data in the US.
Housing Market Data and Radiation Alert
At 6.5%, the existing home sales change for July outperformed expectations at 1.5% and previous -1.2%. Existing home sales were 5.39M vs. estimates at 5.10M and past 5.06M results. In Japan, the major impulsive price movement was triggered on the radiation alert increase to level 3 due to the Fukushima tragedy. The yen dropped along the Nikkei but recovered throughout the Asian trading session.
Technical Levels – Short-term bullish bias
Technically speaking, the pair trades at 97.59 between supports at 97.57 (August 14th lows), 97.47 (August 19th lows) ahead of 97.34 (August 18th lows) and resistances at 97.76 (August 16th highs), 97.93 (August 13th lows) followed by 98.13 (August 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Housing Market Data and Radiation Alert
At 6.5%, the existing home sales change for July outperformed expectations at 1.5% and previous -1.2%. Existing home sales were 5.39M vs. estimates at 5.10M and past 5.06M results. In Japan, the major impulsive price movement was triggered on the radiation alert increase to level 3 due to the Fukushima tragedy. The yen dropped along the Nikkei but recovered throughout the Asian trading session.
Technical Levels – Short-term bullish bias
Technically speaking, the pair trades at 97.59 between supports at 97.57 (August 14th lows), 97.47 (August 19th lows) ahead of 97.34 (August 18th lows) and resistances at 97.76 (August 16th highs), 97.93 (August 13th lows) followed by 98.13 (August 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.