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18 Jun 2013
USD/JPY halted
FXstreet.com (London) - The USD/JPY highs of 103.75 in May seem long forgotten as the correction brings us to 0.9428, and not far off from the April lows 0.9256.
The pair has found support here for the time being as the market prepares itself for FOMC tomorrow. This is overshadowing such data as last nights Japanese Industrial Production which came in better than the previous at -3.4% vrs -6.7%. Coming up today, we also have the release of US housing starts and US CPI.
USD/JPY on standby
Analyst, Karen Jones for Commerzbank said that USD/JPY has ground to a halt just above the 93.58 38.2% Fibonacci retracement of the 2012-13 rise, and this has held the initial test. She explains that near term rallies are expected to remain tepid and should fail at 97.12/99.41 to leave overall pressure still on the downside. She sights any failure at 93.58 would be expected to trigger losses to the 50% retracement at 90.43.
The pair has found support here for the time being as the market prepares itself for FOMC tomorrow. This is overshadowing such data as last nights Japanese Industrial Production which came in better than the previous at -3.4% vrs -6.7%. Coming up today, we also have the release of US housing starts and US CPI.
USD/JPY on standby
Analyst, Karen Jones for Commerzbank said that USD/JPY has ground to a halt just above the 93.58 38.2% Fibonacci retracement of the 2012-13 rise, and this has held the initial test. She explains that near term rallies are expected to remain tepid and should fail at 97.12/99.41 to leave overall pressure still on the downside. She sights any failure at 93.58 would be expected to trigger losses to the 50% retracement at 90.43.