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11 Jun 2013
USD/JPY in a tight range in 97.00 zone
FXstreet.com (London) - USD/JPY continues to tread the support line it has found today along the March highs and mid April lows.
Yen enjoyed upbeat BOJ commentary
Kit Juckes for Societe Generale said the BOJ raised the economic assessment for a 6th month but resisted the temptation to react to market volatility. No action from the Bank of Japan was a surprise to a market that was looking for liquidity measures to quell the volatility in the Japanese bond market, according to research teams at TD Securities. They added that the BoJ action was a reminder of the more significant tidal shift that markets are contemplating, the Fed’s potential tapering of QE. That issue will only become more of a concern as we approach next week’s FOMC meeting.
Longer term technical indicators are bullish
As of writing, the pair is slightly higher than the lows seen earlier in the session, 96.47 vrs current cling to 97.00. The near term MA’s offer a bear to neutral signal, although longer term the pair offer a strong bullish sentiment in the overall bull and longer term trend line. However, continued closes trading below 99.85 is negative and might revive intraday bearishness, explained teams at ICN.com, and they added the trading range for today is among key support at 96.65 and key resistance at 99.85. The general trend over the short-term basis is to the upside as far as areas of 103.50 remain intact targeting 93.50.
Yen enjoyed upbeat BOJ commentary
Kit Juckes for Societe Generale said the BOJ raised the economic assessment for a 6th month but resisted the temptation to react to market volatility. No action from the Bank of Japan was a surprise to a market that was looking for liquidity measures to quell the volatility in the Japanese bond market, according to research teams at TD Securities. They added that the BoJ action was a reminder of the more significant tidal shift that markets are contemplating, the Fed’s potential tapering of QE. That issue will only become more of a concern as we approach next week’s FOMC meeting.
Longer term technical indicators are bullish
As of writing, the pair is slightly higher than the lows seen earlier in the session, 96.47 vrs current cling to 97.00. The near term MA’s offer a bear to neutral signal, although longer term the pair offer a strong bullish sentiment in the overall bull and longer term trend line. However, continued closes trading below 99.85 is negative and might revive intraday bearishness, explained teams at ICN.com, and they added the trading range for today is among key support at 96.65 and key resistance at 99.85. The general trend over the short-term basis is to the upside as far as areas of 103.50 remain intact targeting 93.50.