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17 Jul 2013
USD/JPY stabilizes above the 99.00 region
FXstreet.com (New York) - The USD/JPY foreign exchange rate retreated heavily yesterday, even plunging briefly below the 99.00 barrier, which has helped insulate the pair against staunch declines in recent days.
At the time of writing, the USD/JPY has recovered the 99.00 level, trading with a degree of fortitude at 99.13 Wednesday morning. While the pair is currently trading at support at 99.15 (20-day SMA), additional measures lie below at 98.97 (July 12 low), ahead of 98.71 (July 11 low).
USD/JPY event risk
Later today at 23:50 GMT, the Asian sessions marquee event will be the release of the BoJ minutes in Japan, which should help lend some perspective onto the recent Yen strengthening that has permeated the markets thus far this week.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The JPY advanced further against the USD during the earlier sessions, leaving the USD/JPY barely afloat above the 99.00 level, coupled with a with a stronger bearish tone ahead leading into the Asian session. The hourly chart shows the exchange rate below a bearish 100-day SMA while indicators head south below their midlines.”
At the time of writing, the USD/JPY has recovered the 99.00 level, trading with a degree of fortitude at 99.13 Wednesday morning. While the pair is currently trading at support at 99.15 (20-day SMA), additional measures lie below at 98.97 (July 12 low), ahead of 98.71 (July 11 low).
USD/JPY event risk
Later today at 23:50 GMT, the Asian sessions marquee event will be the release of the BoJ minutes in Japan, which should help lend some perspective onto the recent Yen strengthening that has permeated the markets thus far this week.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The JPY advanced further against the USD during the earlier sessions, leaving the USD/JPY barely afloat above the 99.00 level, coupled with a with a stronger bearish tone ahead leading into the Asian session. The hourly chart shows the exchange rate below a bearish 100-day SMA while indicators head south below their midlines.”