4 Sep 2013
USD/JPY drops below 99.6 on even battle
FXstreet.com (Chicago) - USD/JPY stalled at Tokyo’s opening with no major price changes. Rumors spread concerning Syria’s ultimatum to the US while the Japanese tax sales hike continues to make headlines.
Syrian ultimatum?
The Nikkei opened down after + 2.99% close on Tuesday. In Wall Street, the Dow was up 0.16%, the Nasdaq 0.63% higher and the S&P 500 registered 0.42% gains. Rumors linger in regards to the Syrian conflict stating the Middle Eastern country set an ultimatum to the US with a 60-day deadline and 30-day extension to launch military strikes. After Japanese newsletters stated a sales tax hike was due on October 2nd, headlines appeared stating Abe’s decision was due on October 1st (far earlier from April 2014 as initially planned).
USD/JPY Technical Levels
Technically speaking, the pair retraced minimally at Tokyo’s opening to drop below 99.60 zone. At 99.57, the pair oscillates between supports at 99.14 (August 22nd highs), 98.70 (August 15th highs) ahead of 98.24 (July 10th lows) and resistances at 99.95 (August 1st highs), 100.43 (July 25th highs) followed by 100.86 (July 18th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe and trades above the EMA20.
Syrian ultimatum?
The Nikkei opened down after + 2.99% close on Tuesday. In Wall Street, the Dow was up 0.16%, the Nasdaq 0.63% higher and the S&P 500 registered 0.42% gains. Rumors linger in regards to the Syrian conflict stating the Middle Eastern country set an ultimatum to the US with a 60-day deadline and 30-day extension to launch military strikes. After Japanese newsletters stated a sales tax hike was due on October 2nd, headlines appeared stating Abe’s decision was due on October 1st (far earlier from April 2014 as initially planned).
USD/JPY Technical Levels
Technically speaking, the pair retraced minimally at Tokyo’s opening to drop below 99.60 zone. At 99.57, the pair oscillates between supports at 99.14 (August 22nd highs), 98.70 (August 15th highs) ahead of 98.24 (July 10th lows) and resistances at 99.95 (August 1st highs), 100.43 (July 25th highs) followed by 100.86 (July 18th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe and trades above the EMA20.