Back
20 Sep 2013
USD/JPY closer to 100.00 area
FXstreet.com (Athens)- The USD/JPY was the weaker performer in the wake of the Fed decision, thus is close again to the 100 key-zone area.
The USD/JPY is moving upwards on post-FOMC era; JPY the weakest performer on board
The USD/JPY is hovering around its daily highs as of 99.36 area. What’s more, the Japanese currency is likely to continue to underperform alongside the US dollar in the current environment, as it is increasingly utilized as a funding currency, at least as long as, investor risk sentiment improves. Kuroda didn’t say much new things to his speech at Kisaragi-kai. He mentioned that ““Easing will keep downward pressure on Yields”, “Rising inflation pressures the sovereign creditworthiness in emerging Asia”, as well as “Achieving fiscal health is essential for the economy.” What’s more, he added that “The recovery of the economy is expected to continue at a moderate pace.”
Technical Outlook and Strategic Bias on the USD/JPY
Karen Jones, Head of Technical Analysis at Commerzbank suggests that “USD/JPY has saw a strong rebound ahead of the 9741 support line. The market has held its cloud support at 97.64 and should remained under pinned here. Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”
The USD/JPY is moving upwards on post-FOMC era; JPY the weakest performer on board
The USD/JPY is hovering around its daily highs as of 99.36 area. What’s more, the Japanese currency is likely to continue to underperform alongside the US dollar in the current environment, as it is increasingly utilized as a funding currency, at least as long as, investor risk sentiment improves. Kuroda didn’t say much new things to his speech at Kisaragi-kai. He mentioned that ““Easing will keep downward pressure on Yields”, “Rising inflation pressures the sovereign creditworthiness in emerging Asia”, as well as “Achieving fiscal health is essential for the economy.” What’s more, he added that “The recovery of the economy is expected to continue at a moderate pace.”
Technical Outlook and Strategic Bias on the USD/JPY
Karen Jones, Head of Technical Analysis at Commerzbank suggests that “USD/JPY has saw a strong rebound ahead of the 9741 support line. The market has held its cloud support at 97.64 and should remained under pinned here. Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”