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15 Jul 2013
USD/JPY Kicking off the week sub 100.00
FXstreet.com (London) - USD/JPY is kicking off the week sub 100.00, opening Europe at 99.30
USD/JPY is down on the previous week, starting from 101.40, but breaking up slightly from the rising wedge formation on Friday afternoon. Japan was closed overnight on Marine day and gapped lower away from Friday’s highs of 99.60 and remained sidelined into the European open. This week we will see BoJ Monetary Policy Meeting Minutes on Wednesday 17th July .
USD/JPY mixed analyses
Karen Jones, Chief analyst at Commerzbank, noted that USD/JPY last week failed at its 101.60 78.6% retracement and sold off to the base of the cloud circa 98.15. “It starts this week sandwiched between these two levels. We suspect that overall risk is on the downside.” She explains, should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. “The top of the cloud lies at 99.51 and the 78.6% Fibonacci retracement at 101.60” Danske Banks Technical Update sights the 50d MA at 99.51 with resistance slightly higher at 99.69, 99.87 and the psychological 100.00 and 100.39. RSI 9 reads 48.80 and they have a bullish bias to the view. Support then comes 98.88, 98.67, 98.56 and 98.20.
USD/JPY is down on the previous week, starting from 101.40, but breaking up slightly from the rising wedge formation on Friday afternoon. Japan was closed overnight on Marine day and gapped lower away from Friday’s highs of 99.60 and remained sidelined into the European open. This week we will see BoJ Monetary Policy Meeting Minutes on Wednesday 17th July .
USD/JPY mixed analyses
Karen Jones, Chief analyst at Commerzbank, noted that USD/JPY last week failed at its 101.60 78.6% retracement and sold off to the base of the cloud circa 98.15. “It starts this week sandwiched between these two levels. We suspect that overall risk is on the downside.” She explains, should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. “The top of the cloud lies at 99.51 and the 78.6% Fibonacci retracement at 101.60” Danske Banks Technical Update sights the 50d MA at 99.51 with resistance slightly higher at 99.69, 99.87 and the psychological 100.00 and 100.39. RSI 9 reads 48.80 and they have a bullish bias to the view. Support then comes 98.88, 98.67, 98.56 and 98.20.