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2 Aug 2013
USD/JPY retreats lower off highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has edged slightly lower during Asian trading, unable to threaten its previous highs in the 99.50 region.
Without a doubt the paramount event of the day will be the Nonfarm Payroll figure in the United States later today at 12:30 GMT. The USD/JPY is currently incurring losses of -0.16% Friday morning, now settling at 99.37 (20-day SMA). Briefing the technicals, the USD/JPY remains fortified by support at 99.32 (50-day SMA), ahead of 99.26 (July 23 low), and 99.04 (July 25 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “Looking overbought in the hourly chart, the USD/JPY has surged back above its moving averages, both in the 1-hour and the daily chart, which reflects bull remain in control. Some further gains should be expecting in current session, as local share markets will likely follow their overseas pairs. Still whether the pair will be able or not to breach the 100.00 level again will have to wait until upcoming US session and NFP data.”
Without a doubt the paramount event of the day will be the Nonfarm Payroll figure in the United States later today at 12:30 GMT. The USD/JPY is currently incurring losses of -0.16% Friday morning, now settling at 99.37 (20-day SMA). Briefing the technicals, the USD/JPY remains fortified by support at 99.32 (50-day SMA), ahead of 99.26 (July 23 low), and 99.04 (July 25 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “Looking overbought in the hourly chart, the USD/JPY has surged back above its moving averages, both in the 1-hour and the daily chart, which reflects bull remain in control. Some further gains should be expecting in current session, as local share markets will likely follow their overseas pairs. Still whether the pair will be able or not to breach the 100.00 level again will have to wait until upcoming US session and NFP data.”