22 Aug 2013
USD/JPY rallying on Yen weakness following Japanese data
FXstreet.com (Barcelona) - Foreign investment in Japanese securities came out Yen-bearish and the USD/JPY rallied.
Yen weakness manifesting itself in higher USD/JPY
The Japanese foreign investment data that was released earlier was Yen-bearish and the USD/JPY jumped from 97.78 to 98.30 in just over two hours. Since then, however, the cross has drifted lower to right around 98.10.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook is bearish according to technicians. They have the ultimate downside target at 92.53. However, short-term they are calling for upside in the Yen to 98.86 as the current upside correction plays out. Short-term support comes in at 98.08 and is backed up by horizontal line support at 97.83.
Yen weakness manifesting itself in higher USD/JPY
The Japanese foreign investment data that was released earlier was Yen-bearish and the USD/JPY jumped from 97.78 to 98.30 in just over two hours. Since then, however, the cross has drifted lower to right around 98.10.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook is bearish according to technicians. They have the ultimate downside target at 92.53. However, short-term they are calling for upside in the Yen to 98.86 as the current upside correction plays out. Short-term support comes in at 98.08 and is backed up by horizontal line support at 97.83.