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14 Jun 2013
USD/JPY printing high of the day
FXstreet.com (London) - USD/JPY has jumped up through 95.00 the figure to trade at the high of the day, 0.9528, as the market is digesting the amount of US data released this afternoon before close of play before the weekend.
USD/JPY High 95.28
As we approach the close of the European session, USD/JPY has traded in a range of 58 pips so far today, printing a low of 94.67 in the session. The pair had fallen over night to 94.43 from the high 0.9585 and break out zone 0.9560. Lee Hardman Currency Analyst for The Bank of Tokyo-Mitsubishi UFJ, Ltd said that the yen strengthened following the release overnight of the BoJ monetary policy minutes from the 21st to 22nd May meeting which revealed that one member, most likely Takahide Kiuchi, raised some concern that the BoJ’s communication strategy may actually be increasing JGB volatility. US data has been mixed with bullish PPI data hitting the wires printing 1.7% while PPI excluding food and energy came inline with expectations 1.7% while the Reuters/Michigan Consumer Sentiment Index (June) came in bearish at 82.7, missing expectations of 84.5. Tic flows were a bearish -$37.3b while a further bearish number came in the form of Industrial Production reading 0.0%.
USD/JPY bullish technical readings
Saeed Amen, strategist at Nomura explains that USD/JPY spot is lower since their last update. They retain their bullish view. First, Bollinger bandwidth, while still in the expansion phase, is reaching very high levels, suggesting that the breakout is likely to get exhausted soon. Also they point out RSI is getting to very low levels, suggesting it could be reaching a short-term low.
USD/JPY High 95.28
As we approach the close of the European session, USD/JPY has traded in a range of 58 pips so far today, printing a low of 94.67 in the session. The pair had fallen over night to 94.43 from the high 0.9585 and break out zone 0.9560. Lee Hardman Currency Analyst for The Bank of Tokyo-Mitsubishi UFJ, Ltd said that the yen strengthened following the release overnight of the BoJ monetary policy minutes from the 21st to 22nd May meeting which revealed that one member, most likely Takahide Kiuchi, raised some concern that the BoJ’s communication strategy may actually be increasing JGB volatility. US data has been mixed with bullish PPI data hitting the wires printing 1.7% while PPI excluding food and energy came inline with expectations 1.7% while the Reuters/Michigan Consumer Sentiment Index (June) came in bearish at 82.7, missing expectations of 84.5. Tic flows were a bearish -$37.3b while a further bearish number came in the form of Industrial Production reading 0.0%.
USD/JPY bullish technical readings
Saeed Amen, strategist at Nomura explains that USD/JPY spot is lower since their last update. They retain their bullish view. First, Bollinger bandwidth, while still in the expansion phase, is reaching very high levels, suggesting that the breakout is likely to get exhausted soon. Also they point out RSI is getting to very low levels, suggesting it could be reaching a short-term low.