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5 Jun 2013
USD/JPY opens in Europe below 100.00
FXstreet.com (London) - Activity over-night was choppy, in both the FX space and in Asian equity markets. USD/JPY is off the 98.86 lows set on Monday, but failing ahead of key resistances above the psychological 100.00 lvl.
Analysts at Commerzbank said that USD/JPY appears to be attempting to stabilise ahead of 55 day ma at 98.79 and the 98.65 6 month uptrend. “This should ideally hold the initial test. Rebounds need to overcome the 101.46 resistance line in order to reassert upside pressure to the 103.74 recent high,” said Karen Jones, Senior analyst at Commerzbank. She continued to say that failure to hold the 98.65 support would imply a deeper corrective phase towards 97.46 and possibly 93.58 (the 23.6% and 38./2% retracement of the move up from September 2012.
The trading ranges are between key support at 98.05 and key resistance at 101.15. The general trend is to the upside targeting 105.60. Looking ahead, US highlights include the ADP and ISM non-manufacturing for May. Markets are looking for the services PMI to rise from 52.9 to 53.1. NFP’s are coming up at the end of the week.
Analysts at Commerzbank said that USD/JPY appears to be attempting to stabilise ahead of 55 day ma at 98.79 and the 98.65 6 month uptrend. “This should ideally hold the initial test. Rebounds need to overcome the 101.46 resistance line in order to reassert upside pressure to the 103.74 recent high,” said Karen Jones, Senior analyst at Commerzbank. She continued to say that failure to hold the 98.65 support would imply a deeper corrective phase towards 97.46 and possibly 93.58 (the 23.6% and 38./2% retracement of the move up from September 2012.
The trading ranges are between key support at 98.05 and key resistance at 101.15. The general trend is to the upside targeting 105.60. Looking ahead, US highlights include the ADP and ISM non-manufacturing for May. Markets are looking for the services PMI to rise from 52.9 to 53.1. NFP’s are coming up at the end of the week.