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8 Jul 2013
USD/JPY below 101.00 in London
FXstreet.com (London) - USD/JPY has been offered overnight and traded lower to below 101.00.
USD/JPY reached 101.57 in NY on Friday after the release of the NFP’s report, but has since walked lower to reach a low of 100.93. Some easing should typically be expected after such a strong bias and rise to the upside. Overnight we did see a slight rise in Bank lending 1.9% vrs 1.8% on previous year in Japan. However, those positives were off set from readings in the short term economic trends in Japan from The current Eco Watchers Survey coming in below expectations 53.0 vs 55.6.
USD/JPY to challenge topside
Karen Jones, Chief Analyst at Commerzbank, said USD/JPY is eroding the top of the 101.17 cloud, and also the previous uptrend, which now acts as resistance at 101.53. This suggests to her that there is unfinished business on the topside and suggest that the 103.74 May high will be challenged.
USD/JPY reached 101.57 in NY on Friday after the release of the NFP’s report, but has since walked lower to reach a low of 100.93. Some easing should typically be expected after such a strong bias and rise to the upside. Overnight we did see a slight rise in Bank lending 1.9% vrs 1.8% on previous year in Japan. However, those positives were off set from readings in the short term economic trends in Japan from The current Eco Watchers Survey coming in below expectations 53.0 vs 55.6.
USD/JPY to challenge topside
Karen Jones, Chief Analyst at Commerzbank, said USD/JPY is eroding the top of the 101.17 cloud, and also the previous uptrend, which now acts as resistance at 101.53. This suggests to her that there is unfinished business on the topside and suggest that the 103.74 May high will be challenged.