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4 Jun 2013
USD/JPY rises to 100.25/30
FXstreet.com (Barcelona) - The USD/JPY managed to hold on to the majority of its gains Tuesday, following the release of a tepid dose of US economic data.
In the United States, the Trade Balance (April) was reported at $-40.29B, against expectations of $-41.0B.
Briefing the technicals, the pair is operating at +0.73% in these moments at 100.25/30. The USD/JPY will eventually face resistance at 100.44, onto 101.51, and finally 102.30. Alternatively, a movement lower will enable support 98.58, then 97.79, and finally 96.72, calculates the Mataf.net analyst team.
According to Tim Riddell, Head of Global Markets Research at ANZ, “The extent of USD/JPY rebounds will be key in determining how long the retracement phase may last. If mild, the much-awaited consolidation should continue. If rebounds break above 100.60, definitely 101.30, beware an early return to JPY weakness.”
In the United States, the Trade Balance (April) was reported at $-40.29B, against expectations of $-41.0B.
Briefing the technicals, the pair is operating at +0.73% in these moments at 100.25/30. The USD/JPY will eventually face resistance at 100.44, onto 101.51, and finally 102.30. Alternatively, a movement lower will enable support 98.58, then 97.79, and finally 96.72, calculates the Mataf.net analyst team.
According to Tim Riddell, Head of Global Markets Research at ANZ, “The extent of USD/JPY rebounds will be key in determining how long the retracement phase may last. If mild, the much-awaited consolidation should continue. If rebounds break above 100.60, definitely 101.30, beware an early return to JPY weakness.”