31 Jul 2013
USD/JPY eases off highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has repeatedly retested its highs at 98.56 Wednesday, though in recent moments the pair has eased again.
At the time of writing, the USD/JPY is now settling near 98.27, presently clinging to a gain of +0.26% above it’s opening. The attention this afternoon is starting to shift towards the FOMC monetary policy statement, following an earlier report of upbeat US Q2 GDP. Technically speaking, the USD/JPY faces resistance at 98.34, up to 98.47, and 98.71.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The negative trading is still dominating trading this week, as the upside attempts remained limited below 98.60 forcing us to keep our negative expectations today. We should point out that breaking 97.65 is significant for the downside move to extend as Linear Regression Indicators support negativity.”
At the time of writing, the USD/JPY is now settling near 98.27, presently clinging to a gain of +0.26% above it’s opening. The attention this afternoon is starting to shift towards the FOMC monetary policy statement, following an earlier report of upbeat US Q2 GDP. Technically speaking, the USD/JPY faces resistance at 98.34, up to 98.47, and 98.71.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The negative trading is still dominating trading this week, as the upside attempts remained limited below 98.60 forcing us to keep our negative expectations today. We should point out that breaking 97.65 is significant for the downside move to extend as Linear Regression Indicators support negativity.”