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9 Sep 2013
USD/JPY pares all of its earlier gains on Syria tension and “tapering”
FXstreet.com (Athens)- The USD/JPY opened higher the Asian’s trading day, on slightly better Japanese GDP, super thin market liquidity and on Tokyo’s securing the 2020 Olympic games but soon rebounded lower.
USD/JPY took the leading position on Asian’s trading opening but soon rebounded on “Syria”
The USD/JPY started the day at a very aggressive upward trend, mainly due to super thin liquidity and on a soaring Nikkei over 2.5 higher. What’s more, the pair was also supported as news wires said that Tokyo secured the 2020 Olympic games, pushing Nikkei even higher. Lastly, the even a slightly better Japanese GDP might boost the currency cross. Soon things changed, as we are amidst ‘Syria’s’ issue and while President Obama waits for a yes vote on behalf of congress, the truth is that a ‘no’ would risk Obama becoming a lame duck under a year into his second term, and could also greatly constrain the US’s ability to project its military power globally going forward. Thus, while war in Syria is looming and the Japanese Yen stands to be the preferred safe haven in FX markets during times of geopolitical upheaval, is well perceived why the USD/JPY quickly erased all of its gains. Finally, quick pair rebounding would also be attributed to a less or more extent, to poor Japanese data, showing a very sluggish consumer confidence. Finally, tapering despite poor NFP, seems to come “sooner” than “later”, as also suggested in the following link http://www.fxstreet.com/news/forex-news/article.aspx?storyid=0d8d1449-3da0-4e5b-a7df-84040ac7138f
TECHNICAL PERSPECTIVE AND OUTLOOK ON USD/JPY
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.67, up 0.65%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.
USD/JPY took the leading position on Asian’s trading opening but soon rebounded on “Syria”
The USD/JPY started the day at a very aggressive upward trend, mainly due to super thin liquidity and on a soaring Nikkei over 2.5 higher. What’s more, the pair was also supported as news wires said that Tokyo secured the 2020 Olympic games, pushing Nikkei even higher. Lastly, the even a slightly better Japanese GDP might boost the currency cross. Soon things changed, as we are amidst ‘Syria’s’ issue and while President Obama waits for a yes vote on behalf of congress, the truth is that a ‘no’ would risk Obama becoming a lame duck under a year into his second term, and could also greatly constrain the US’s ability to project its military power globally going forward. Thus, while war in Syria is looming and the Japanese Yen stands to be the preferred safe haven in FX markets during times of geopolitical upheaval, is well perceived why the USD/JPY quickly erased all of its gains. Finally, quick pair rebounding would also be attributed to a less or more extent, to poor Japanese data, showing a very sluggish consumer confidence. Finally, tapering despite poor NFP, seems to come “sooner” than “later”, as also suggested in the following link http://www.fxstreet.com/news/forex-news/article.aspx?storyid=0d8d1449-3da0-4e5b-a7df-84040ac7138f
TECHNICAL PERSPECTIVE AND OUTLOOK ON USD/JPY
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 99.67, up 0.65%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.