2 Sep 2013
USD/JPY is trading above 99.00 area; firmer thanks to Abe
FXstreet.com (Athens) - The USD/JPY is trading upwards during the European session of the first week of September, on “Abenomics” monetary policy.
The USD/JPY got a firm boosting after the notorious sales tax got the backing it needed
The introduction of a sales tax by Shinzo Abe got the backing it needed and so the Japanese currency has been softening this morning. The sales tax is a part of the monetary policy of the Japanese PM Abe and until now ‘Abenomics’ see to have offer a crucial boosting to the third biggest economy all over the globe. Furthermore, today will be a very thin market day, due to US and Canadian labor day. However, we are ahead a very crucial week, with the interest rate decisions from the BOE, ECB and then nonfarm payroll data from the US on Friday.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.25, above 99.00 area, up 0.87%.The FXstreet.com Trend Index shows the pair to be slightly bullish.Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 99.33, 99.58 and 99.82, respectively.
The USD/JPY got a firm boosting after the notorious sales tax got the backing it needed
The introduction of a sales tax by Shinzo Abe got the backing it needed and so the Japanese currency has been softening this morning. The sales tax is a part of the monetary policy of the Japanese PM Abe and until now ‘Abenomics’ see to have offer a crucial boosting to the third biggest economy all over the globe. Furthermore, today will be a very thin market day, due to US and Canadian labor day. However, we are ahead a very crucial week, with the interest rate decisions from the BOE, ECB and then nonfarm payroll data from the US on Friday.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.25, above 99.00 area, up 0.87%.The FXstreet.com Trend Index shows the pair to be slightly bullish.Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 99.33, 99.58 and 99.82, respectively.