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7 Oct 2013
USD/JPY denied at 97.20 resistance
FXstreet.com (London) - USD/JPY dropped sharply into this weeks session, extending its downside since last Thursday’s open.
USD/JPY has climbed higher since the gap in the charts when it recorded a low of 96.81 to find supply again at 97.20. Overall, the Yen has been the best performer and Derek Halpenny commented: “The yen is the best performing major currency this morning given the sell-off in Asian equities while comments from PM Abe also may be playing a role in dampening optimism over ‘Abenomics’. In an interview with the FT PM Abe stated that labour market reform would not be part of his initial focus of reform as there is strong domestic opposition to this “sensitive” area of economic policy. Meanwhile, research teams at JP Morgan said, “Judging from the current tenor in Washington, this month’s US government shutdown is on track to become one of longest five in history, and potentially the riskiest given the proximity of the debt ceiling”.
USD/JPY Levels
The 20 DMA is 98.64, the 50 DMA is 98.35 and the 200 DMA is 96.68. RSI (14) reads 45.68. Supports are ascending from 95.92, 96.40, 96.79 and 96.93. Spot is currently 97.02 while resistances are 97.49, 97.75, 97.88 and 98.09.
USD/JPY has climbed higher since the gap in the charts when it recorded a low of 96.81 to find supply again at 97.20. Overall, the Yen has been the best performer and Derek Halpenny commented: “The yen is the best performing major currency this morning given the sell-off in Asian equities while comments from PM Abe also may be playing a role in dampening optimism over ‘Abenomics’. In an interview with the FT PM Abe stated that labour market reform would not be part of his initial focus of reform as there is strong domestic opposition to this “sensitive” area of economic policy. Meanwhile, research teams at JP Morgan said, “Judging from the current tenor in Washington, this month’s US government shutdown is on track to become one of longest five in history, and potentially the riskiest given the proximity of the debt ceiling”.
USD/JPY Levels
The 20 DMA is 98.64, the 50 DMA is 98.35 and the 200 DMA is 96.68. RSI (14) reads 45.68. Supports are ascending from 95.92, 96.40, 96.79 and 96.93. Spot is currently 97.02 while resistances are 97.49, 97.75, 97.88 and 98.09.