Back
9 Apr 2013
Forex: USD/JPY sideways trading at 99.00 level
FXstreet.com (Barcelona) - The USD/JPY is trading sideways, entrenched at the 99.00 level Tuesday during the afternoon of European trading. With all eyes on the Fed later today, the pair seems to be quite stationary in recent minutes, having planed off at a -0.41% loss.
According to Research Analyst Gareth Berry at UBS, “The USD/JPY is still bullish despite the recent setback, as the pair extends its strength posting new recovery highs and is approaching resistance at 99.875.”
The Technical Analyst team at ICN.com analysts identifies the next corrective measures of support at 98.85, ahead of 98.60, and 98.10. Regarding a paring of losses that have thus far crippled any upside, resistances for the USD/JPY will activate should the pair reach 99.40, onto 99.85, and finally the psychological 100.00.
Given the BoJ has created the conditions for further yen weakness - through their recent actions and not their words, a shift in government rhetoric in isolation may not be enough to hold back the tide against the JPY.
According to Research Analyst Gareth Berry at UBS, “The USD/JPY is still bullish despite the recent setback, as the pair extends its strength posting new recovery highs and is approaching resistance at 99.875.”
The Technical Analyst team at ICN.com analysts identifies the next corrective measures of support at 98.85, ahead of 98.60, and 98.10. Regarding a paring of losses that have thus far crippled any upside, resistances for the USD/JPY will activate should the pair reach 99.40, onto 99.85, and finally the psychological 100.00.
Given the BoJ has created the conditions for further yen weakness - through their recent actions and not their words, a shift in government rhetoric in isolation may not be enough to hold back the tide against the JPY.