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26 Aug 2013
USD/JPY trading at a very narrow range
FXstreet.com (Athens) - While market reactions on Friday’s, were largely driven by much-weaker than expected US housing data, USD/JPY is congested at the 98.20-98.50 area.
On Friday, market reactions were largely driven by much-weaker than expected US housing data, with new home sales for July only hitting 394K against consensus of 487K, and with June revised down from 497K to 455K. While, discouraging U.S. home sales on Friday, led some to expect the Fed may delay paring its bond purchases, the USD/JPY didn’t move much, i.e. closed at almost the same levels of Friday’s opening. On Monday, main data highlight is US durable goods orders, and Dallas Fed manufacturing survey for August. In Jackson’s Hole symposium, the BoJ’s Kuroda reiterated the Japanese economy was recovering, but that policy makers would be able to keep low real interest rates in the next few years.
Technical outlook on USD/JPY
At the time of writing, the pair is trading at 98.49 area, down 0.06%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 98.17, 97.92, 97.68 and resistance at 98.94, 99.14 and 99.43, respectively.
On Friday, market reactions were largely driven by much-weaker than expected US housing data, with new home sales for July only hitting 394K against consensus of 487K, and with June revised down from 497K to 455K. While, discouraging U.S. home sales on Friday, led some to expect the Fed may delay paring its bond purchases, the USD/JPY didn’t move much, i.e. closed at almost the same levels of Friday’s opening. On Monday, main data highlight is US durable goods orders, and Dallas Fed manufacturing survey for August. In Jackson’s Hole symposium, the BoJ’s Kuroda reiterated the Japanese economy was recovering, but that policy makers would be able to keep low real interest rates in the next few years.
Technical outlook on USD/JPY
At the time of writing, the pair is trading at 98.49 area, down 0.06%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 98.17, 97.92, 97.68 and resistance at 98.94, 99.14 and 99.43, respectively.