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15 Aug 2013
USD/JPY bullishness intact, further upside eyed despite gyrations
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been confined to a schizophrenic consolidation Thursday, pressured by numerous stimuli and wavering tremendously at the top end of its range after reaching the height of 98.66 (intraday high) during US trading.
In the United States, the Consumer Price Index (YoY) came in at +2.0% in July, in line with expectations. Moreover, the Consumer Price Index Ex Food & Energy (YoY) grew +1.7% in July, matching estimates. Initial Jobless Claims were reported at 320K, beating projections of 335K. Finally, Net Long-Term TIC Flows (June) yielded a figure of $-66.9B, against expectations of $31.3B.
Technically speaking, the USD/JPY is now trading at 98.32, easing off its highs though still securing an advance of +0.19% above its opening. On the ascension, the USD/JPY will face resistance at 98.31 (currently testing), a break of which will open up additional means of correction at 98.70, onto 98.97, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the technical analyst team at ICN.com, The USD/JPY failed to stabilize below 97.65 then moved back to the upside again to the safe areas where there is a possibility of further bullishness. We will ignore the overbought signals showing on the stochastic and point out the possibility of an upside move because the pair is stable above 97.65.”
In the United States, the Consumer Price Index (YoY) came in at +2.0% in July, in line with expectations. Moreover, the Consumer Price Index Ex Food & Energy (YoY) grew +1.7% in July, matching estimates. Initial Jobless Claims were reported at 320K, beating projections of 335K. Finally, Net Long-Term TIC Flows (June) yielded a figure of $-66.9B, against expectations of $31.3B.
Technically speaking, the USD/JPY is now trading at 98.32, easing off its highs though still securing an advance of +0.19% above its opening. On the ascension, the USD/JPY will face resistance at 98.31 (currently testing), a break of which will open up additional means of correction at 98.70, onto 98.97, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the technical analyst team at ICN.com, The USD/JPY failed to stabilize below 97.65 then moved back to the upside again to the safe areas where there is a possibility of further bullishness. We will ignore the overbought signals showing on the stochastic and point out the possibility of an upside move because the pair is stable above 97.65.”