Back
1 Aug 2013
USD/JPY trades above 99.50
FXstreet.com (San Francisco) - The US Dollar is extending its advance against the Japanese Yen and after rising around 50 pips in the American session, the USD/JPY is trading above the 99.50 area for first time since in a week.
The USD/JPY reached fresh 1-week high at 99.60 and currently it's pricing at 99.55, 1.70% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
USD/JPY strategic bias
According to Global FX Strategist Sean Callow at Westpac, “The BoJ will take center stage next week, but we maintain our view that they can do little more at the moment. The LDP now has control of both the upper and lower house. However, we will have to wait until the fall for fresh policy developments here including a decision on the consumption tax. As we have noted for several weeks now, we remain buyers of dips, but at the risk of missing a move higher, we wait for a dip back towards 97/98.00.”
The USD/JPY reached fresh 1-week high at 99.60 and currently it's pricing at 99.55, 1.70% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
USD/JPY strategic bias
According to Global FX Strategist Sean Callow at Westpac, “The BoJ will take center stage next week, but we maintain our view that they can do little more at the moment. The LDP now has control of both the upper and lower house. However, we will have to wait until the fall for fresh policy developments here including a decision on the consumption tax. As we have noted for several weeks now, we remain buyers of dips, but at the risk of missing a move higher, we wait for a dip back towards 97/98.00.”