Back
19 Aug 2013
USD/JPY awaits Japan trade balance below 97.80 key level
The USD/JPY foreign exchange rate is last trading at 97.58 bids, slightly higher from previous weekly close Friday, ahead of Japan trade balance data at 23:50 GMT, with a expected growing deficit due to higher imports than exports, although both increasing from previous figures.
USD/JPY can't maintain rallies
“Big players remain very long of USD/JPY,” said FXWW founder Sean Lee, adding: “Crosses are mixed with AUD/JPY and GBP/JPY looking bullish but EUR/JPY and CAD/JPY running into quite heavy selling interest. Higher US yields should be favouring USD/JPY bulls but the fact that it can’t maintain rallies, despite the Fed/BoJ policies, is a damning bearish indicator. Positioning, price-action, and Chinese selling, suggests to me that selling rallies is the better strategy here.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at recent session lows 97.47, followed by Friday's NY session lows at 97.18, and Thursday's lows at 97.00. To the upside, closest resistance shows at Friday's highs at 97.77, followed by August 14 lows 97.84, and August 14 highs at 98.44.
USD/JPY can't maintain rallies
“Big players remain very long of USD/JPY,” said FXWW founder Sean Lee, adding: “Crosses are mixed with AUD/JPY and GBP/JPY looking bullish but EUR/JPY and CAD/JPY running into quite heavy selling interest. Higher US yields should be favouring USD/JPY bulls but the fact that it can’t maintain rallies, despite the Fed/BoJ policies, is a damning bearish indicator. Positioning, price-action, and Chinese selling, suggests to me that selling rallies is the better strategy here.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at recent session lows 97.47, followed by Friday's NY session lows at 97.18, and Thursday's lows at 97.00. To the upside, closest resistance shows at Friday's highs at 97.77, followed by August 14 lows 97.84, and August 14 highs at 98.44.