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11 Sep 2013
USD/JPY wipes out earlier gains; back to 100.20 zone
FXstreet.com (Chicago) - USD/JPY reached 100.53 right before President Obama ended his speech on why Syria is an international threat to humanity. The pair had dropped to 100.14 (session lows) right before the spike. The bulls were then outweighed by the bears sending the pair back to 100.20 on a high-volatility move.
Attack if diplomacy fails
Japan released its domestic corporate goods price index at 2.4% vs. prior 2.3%. Market participants digested Obama’s speech on Syrian chemical weapons. He said Syria gave in to American pressures after admitting the government had caused the death of civilians. He postponed the Congressional vote date as he was meeting with two of the US key allies, France and the UK, while the US Secretary John Kerry was going to meet Putin.
USD/JPY Technical Levels
Price action reveals high volatility during and after President Obama’s speech. The pair now trades at 100.24 between supports at 100.14 (July 25th highs), 99.86 (September 3rd highs) ahead of 99.59 (July 20th lows) and resistances at 100.46 (July 25th highs), 100.64 (July 19th highs) followed by 100.85 (July 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA.
Attack if diplomacy fails
Japan released its domestic corporate goods price index at 2.4% vs. prior 2.3%. Market participants digested Obama’s speech on Syrian chemical weapons. He said Syria gave in to American pressures after admitting the government had caused the death of civilians. He postponed the Congressional vote date as he was meeting with two of the US key allies, France and the UK, while the US Secretary John Kerry was going to meet Putin.
USD/JPY Technical Levels
Price action reveals high volatility during and after President Obama’s speech. The pair now trades at 100.24 between supports at 100.14 (July 25th highs), 99.86 (September 3rd highs) ahead of 99.59 (July 20th lows) and resistances at 100.46 (July 25th highs), 100.64 (July 19th highs) followed by 100.85 (July 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA.