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18 Sep 2013
USD/JPY spikes to triple-top; prints fresh session highs at 99.35
FXstreet.com (Chicago) - USD/JPY peaked to 99.35, triple tops (September 16th and 17th highs) amid speculations on Fed’s tapering reduction from $10 - $15B to $5B.
Data flows
With the Nikkei up 1.80%, the yen lags against the highly pressured greenback. Expected data releases, listed in order (GMT), are as follows: MBA mortgage applications (11), building permits (12:30), housing starts (12:30), EIA crude oil stocks change (14:30), Fed interest rate decision, Fed pace of MBS purchase program, Fed pace of treasury purchase program, FOMC economic projections (18), Fed’s monetary policy statements and press conference (18:30). In Japan, market participants wait for merchandise trade balance totals (23:50).
USD/JPY Technical Levels
Price action reveals heavy buying fueling the pair to print session highs as the Asian journey advances. Offered at 99.27, the pair oscillates between supports at 99 (September 17th lows), 98.73 (September 15th lows) ahead of 98.48 (September 6th lows) and resistances aligned at 99.32 (September 9th lows), 99.64 (September 8th highs) followed by 99.97 (September 13th highs). Reported as slightly bearish on one-hour timeframe analysis, the pair flows right above the EMA20 but remains capped by strong 99.30 resistance.
Data flows
With the Nikkei up 1.80%, the yen lags against the highly pressured greenback. Expected data releases, listed in order (GMT), are as follows: MBA mortgage applications (11), building permits (12:30), housing starts (12:30), EIA crude oil stocks change (14:30), Fed interest rate decision, Fed pace of MBS purchase program, Fed pace of treasury purchase program, FOMC economic projections (18), Fed’s monetary policy statements and press conference (18:30). In Japan, market participants wait for merchandise trade balance totals (23:50).
USD/JPY Technical Levels
Price action reveals heavy buying fueling the pair to print session highs as the Asian journey advances. Offered at 99.27, the pair oscillates between supports at 99 (September 17th lows), 98.73 (September 15th lows) ahead of 98.48 (September 6th lows) and resistances aligned at 99.32 (September 9th lows), 99.64 (September 8th highs) followed by 99.97 (September 13th highs). Reported as slightly bearish on one-hour timeframe analysis, the pair flows right above the EMA20 but remains capped by strong 99.30 resistance.