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5 Aug 2013
USD/JPY jumps 20-pips on upbeat US PMI
FXstreet.com (New York) - The USD/JPY foreign exchange rate broke out of a narrow consolidation and recovered nearly 20 pips during US trading Monday, on the heels of robust US data.
In the United States, the ISM non-Manufacturing PMI was reported at 56.0 in July, beating expectations of 53.0, and compared with 52.2 in the month of June.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 98.75, still incurring a loss of -0.19% in these moments despite the paring of losses. On the downside, the pair remains insulated by supports at 98.64, ahead of 98.57, 98.36, and finally 98.18.
According to the Technical Analyst Team at ICN.com, “The USD/JPY traded below 98.60 since the beginning of the European session and look for the pair to stabilize below the referred to level. We think that the downside move is still valid intraday today and the rest of the week. Breaking 97.65 levels might be the key to a more sharp bearish push.”
In the United States, the ISM non-Manufacturing PMI was reported at 56.0 in July, beating expectations of 53.0, and compared with 52.2 in the month of June.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 98.75, still incurring a loss of -0.19% in these moments despite the paring of losses. On the downside, the pair remains insulated by supports at 98.64, ahead of 98.57, 98.36, and finally 98.18.
According to the Technical Analyst Team at ICN.com, “The USD/JPY traded below 98.60 since the beginning of the European session and look for the pair to stabilize below the referred to level. We think that the downside move is still valid intraday today and the rest of the week. Breaking 97.65 levels might be the key to a more sharp bearish push.”