Back
5 Jun 2013
USD/JPY able to claw back losses, closes back above 100.00
FXstreet.com (Barcelona) - The USD/JPY was able to claw back some of the previous day losses, at one point trading as high as 100.41 before leaking lower later in the day to close up 59 pips at 100.03
Given the major economic data due the remainder of the week from the US, some analysts believe the USD/JPY (as well as the Yen crosses) could remain in narrow ranges until Friday. According to Sean Lee of FXWW, “Prime brokers report that short-term speculators are building long positions around 100.00. The Yen crosses remain reasonably well supported but macro players are eyeing big levels like 95.50 in AUD/JPY and 129.00 in EUR/JPY. Ranges expected to hold ahead of Friday’s NFP.”
The FXStreet.com trend index remains in slightly bearish set up on the daily chart, while the ob/os index reads neutral. The RSI (14) is thus far maintaining the bullish zone between 40 and 80. Initial resistance sits at 100.71 (the 9dma), followed by 101.51 (the 20dma). Initial support sits at 99.22 (the 50dma), followed by 98.86 (low of week).
Given the major economic data due the remainder of the week from the US, some analysts believe the USD/JPY (as well as the Yen crosses) could remain in narrow ranges until Friday. According to Sean Lee of FXWW, “Prime brokers report that short-term speculators are building long positions around 100.00. The Yen crosses remain reasonably well supported but macro players are eyeing big levels like 95.50 in AUD/JPY and 129.00 in EUR/JPY. Ranges expected to hold ahead of Friday’s NFP.”
The FXStreet.com trend index remains in slightly bearish set up on the daily chart, while the ob/os index reads neutral. The RSI (14) is thus far maintaining the bullish zone between 40 and 80. Initial resistance sits at 100.71 (the 9dma), followed by 101.51 (the 20dma). Initial support sits at 99.22 (the 50dma), followed by 98.86 (low of week).