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14 Aug 2013
USD/JPY committed buyers at 98.00; stops building below?
FXstreet.com (Barcelona) - The USD/JPY has turned south once again two hours into the Tokyo session, as the Nikkei erases all its early +0.50% gains to currently enter into negative territory -0.25%.
USD/JPY, 98.00 well protected
USD/JPY, which has been on fire for the past two days displaying a vigorous rebound off a 7-week low at 95.80 only to face dynamic resistance at the 20-day EMA junction just above 98.00, is now retreating to a familiar 98.00 area, which continues to be well guarded since regained early in the U.S. session following positive U.S. retail sales and more rumorology on Septaper.
Correlation with Nikkei matters
According to Haruya Ida from IFR Markets: "Despite renewed fixation on US-Japan interest rate differentials, correlation with stocks continue to matter", adding that "Japan bids still from pre-98.00, trail down."
USD/JPY, 98.00 well protected
USD/JPY, which has been on fire for the past two days displaying a vigorous rebound off a 7-week low at 95.80 only to face dynamic resistance at the 20-day EMA junction just above 98.00, is now retreating to a familiar 98.00 area, which continues to be well guarded since regained early in the U.S. session following positive U.S. retail sales and more rumorology on Septaper.
Correlation with Nikkei matters
According to Haruya Ida from IFR Markets: "Despite renewed fixation on US-Japan interest rate differentials, correlation with stocks continue to matter", adding that "Japan bids still from pre-98.00, trail down."