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9 Aug 2013
USD/JPY is bid into 96.70 zone
FXstreet.com (Barcelona) - USD/JPY has moved away from the pivot in the European morning.
“USD/JPY has fallen sharply over the past month but downside risks remain. Spec positioning remains heavily short JPY and seasonal factors may just be about to bite a little harder”, said research teams at TD Securities. "In Japan BoJ Governor Kuroda was clear that it was important that the government implemented the planned sales tax hikes stating that “restoring fiscal health is absolutely necessary” which is discipline is loosened will “indirectly make a negative impact on monetary measures”. He also stated that “ending deflation and raising the sales tax are achievable at the same time”. The scope for further yen upside appears limited in the near-term", said research teams at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
USD/JPY upside bias on an hourly basis
USD/JPY is moving higher towards the 96.80 territory while intraday rallies are likely to struggle, 97.15, 97.50 and be capped by 98.50/75. The 20 dma reads 98.73, the 50 dma comes as 98.44, and the 200 dma is 93.42. RSI (9) reads 36.28. Supports are ascending 95.42, 95.59, 95.81, 96.23. Spot is currently 96.51 while resistances are 96.98, 97.34, 97.55 and 97.88.
“USD/JPY has fallen sharply over the past month but downside risks remain. Spec positioning remains heavily short JPY and seasonal factors may just be about to bite a little harder”, said research teams at TD Securities. "In Japan BoJ Governor Kuroda was clear that it was important that the government implemented the planned sales tax hikes stating that “restoring fiscal health is absolutely necessary” which is discipline is loosened will “indirectly make a negative impact on monetary measures”. He also stated that “ending deflation and raising the sales tax are achievable at the same time”. The scope for further yen upside appears limited in the near-term", said research teams at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
USD/JPY upside bias on an hourly basis
USD/JPY is moving higher towards the 96.80 territory while intraday rallies are likely to struggle, 97.15, 97.50 and be capped by 98.50/75. The 20 dma reads 98.73, the 50 dma comes as 98.44, and the 200 dma is 93.42. RSI (9) reads 36.28. Supports are ascending 95.42, 95.59, 95.81, 96.23. Spot is currently 96.51 while resistances are 96.98, 97.34, 97.55 and 97.88.