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3 Oct 2013
USD/JPY rising with Asia’s sun on 97.30 zone consolidation
FXstreet.com (Chicago) - USD/JPY started Asia’s journey stronger despite political paralysis in Washington on attempt to recover weekly losses.
Shutdown extended
Foreign bond investment was 672.1B vs. past 175.6B yen increasing over 500% in days. Foreign investment in Japanese stocks had also an impressive increase at 341.4B vs. past 182.1B yen. With no willingness to negotiate from both sides, tensions increase in Washington and the US shutdown extends.
USD/JPY Technical Levels
Technically speaking, the pair trades at 97.32 and oscillates between supports aligned at 96.92 (August 20th lows), 96.41 (August 13th lows) followed by 95.86 (August 12th lows) and the resistances set at 97.44 (September 30th lows), 98.34 (October 1st highs) ahead of 99.12 (September 25th highs). According to Jim Langlands from FXcharts, “The dollar remains under pressure due to the US political shutdown and this could be an ongoing theme until we see come kind of resolution. Tomorrow sees the BOJ meeting, at which no change is expected, and in the likely absence of tomorrows US Jobs/NFP data, the dollar looks as though it is breaking down, having now slipped below the rising trend support.”
Shutdown extended
Foreign bond investment was 672.1B vs. past 175.6B yen increasing over 500% in days. Foreign investment in Japanese stocks had also an impressive increase at 341.4B vs. past 182.1B yen. With no willingness to negotiate from both sides, tensions increase in Washington and the US shutdown extends.
USD/JPY Technical Levels
Technically speaking, the pair trades at 97.32 and oscillates between supports aligned at 96.92 (August 20th lows), 96.41 (August 13th lows) followed by 95.86 (August 12th lows) and the resistances set at 97.44 (September 30th lows), 98.34 (October 1st highs) ahead of 99.12 (September 25th highs). According to Jim Langlands from FXcharts, “The dollar remains under pressure due to the US political shutdown and this could be an ongoing theme until we see come kind of resolution. Tomorrow sees the BOJ meeting, at which no change is expected, and in the likely absence of tomorrows US Jobs/NFP data, the dollar looks as though it is breaking down, having now slipped below the rising trend support.”