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15 Aug 2013
USD/JPY capped 98.31
FXstreet.com (Barcelona) - USD/JPY was in focus overnight with the Yen performing 0.39% up on the dollar from the overnight highs in USD/JPY.
A dovish Bullard opened the Asia-Pac region, but the usual message of not quite supporting Fed tapering is not really new news, said Annette Beacher , Head of Asia-Pacific Research, FX and Rates Strategy at TD Securities . “Data releases were restricted to second-tier only...The ‘excitement’ was confined to the JPY after denials of lower corporate taxes via Japan Chief Cabinet Sec Suga. No truth to report Abe instructing corporate tax cut. Also, lowering corporate tax rates would have little effect and Abe didn’t request consideration of corporate tax cut. USDJPY surged from 98.30 to 97.70 on the headlines and the Nikkei lost ground to be –2% by mid-afternoon….All eyes on the data deluge from the US, where on balance we expect better outcomes than consensus”. Eyes will be on the US CPI today.
USD/JPY consolidating
USD/JPY is consolidating and attempting a reversal. The 20 dma 98.31, 50 dma 98.33, 200 dma 93.77. RSI (9) reads 48.90. Supports are ascending from 96.65, 96.88, 97.14 and 97.39. spot is currently 97.72 while resistances are 98.30, 98.43, 98.59 and 98.78.
A dovish Bullard opened the Asia-Pac region, but the usual message of not quite supporting Fed tapering is not really new news, said Annette Beacher , Head of Asia-Pacific Research, FX and Rates Strategy at TD Securities . “Data releases were restricted to second-tier only...The ‘excitement’ was confined to the JPY after denials of lower corporate taxes via Japan Chief Cabinet Sec Suga. No truth to report Abe instructing corporate tax cut. Also, lowering corporate tax rates would have little effect and Abe didn’t request consideration of corporate tax cut. USDJPY surged from 98.30 to 97.70 on the headlines and the Nikkei lost ground to be –2% by mid-afternoon….All eyes on the data deluge from the US, where on balance we expect better outcomes than consensus”. Eyes will be on the US CPI today.
USD/JPY consolidating
USD/JPY is consolidating and attempting a reversal. The 20 dma 98.31, 50 dma 98.33, 200 dma 93.77. RSI (9) reads 48.90. Supports are ascending from 96.65, 96.88, 97.14 and 97.39. spot is currently 97.72 while resistances are 98.30, 98.43, 98.59 and 98.78.