3 Sep 2013
USD/JPY continues to consolidate above 99.00
FXstreet.com (Athens) - The USD/JPY soars across the board, as worries on Syria move to the back of the market’s mind, while BoJ continues to press ahead with the ‘Abenomics’ revolution.
Will the today data from US, i.e. PMI Markit and ISM give further momentum to the pair?
Since the opening of Asian’s Tuesday trading, the pair was trading upwards as Nikkei is almost up 3% and so, the Japanese currency has been softening this morning. What’s more, ‘Abenomics’ seem to be still in a solid track, as the release of the monthly update on the monetary base showed the BoJ continuing to press ahead with the Abenomics revolution and massively expand banks’ reserves; the monetary base was up 42.0% in yearly basis.
Investors might bear in mind that on Monday, ‘Abenomics’ again led the pair in an upward level, as the sales tax by Shinzo Abe got the backing it needed. Furthermore, traders should bear in mind that we are ahead of two significant US releases today that might influence the trend of the pair. Japanese Finance Minister Aso said today that “Yen weakness is a side-effect, the primary aim of policy is to end deflation”. Last but not least, , while fears in Syria have been eased this week, strengthening further the pair, the regional tensions remaining extremely high on several fronts.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.52, well above 99.00 area, up 0.16%.The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.
Will the today data from US, i.e. PMI Markit and ISM give further momentum to the pair?
Since the opening of Asian’s Tuesday trading, the pair was trading upwards as Nikkei is almost up 3% and so, the Japanese currency has been softening this morning. What’s more, ‘Abenomics’ seem to be still in a solid track, as the release of the monthly update on the monetary base showed the BoJ continuing to press ahead with the Abenomics revolution and massively expand banks’ reserves; the monetary base was up 42.0% in yearly basis.
Investors might bear in mind that on Monday, ‘Abenomics’ again led the pair in an upward level, as the sales tax by Shinzo Abe got the backing it needed. Furthermore, traders should bear in mind that we are ahead of two significant US releases today that might influence the trend of the pair. Japanese Finance Minister Aso said today that “Yen weakness is a side-effect, the primary aim of policy is to end deflation”. Last but not least, , while fears in Syria have been eased this week, strengthening further the pair, the regional tensions remaining extremely high on several fronts.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.52, well above 99.00 area, up 0.16%.The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.