Back
2 Aug 2013
USD/JPY struggling to stay above 99.50
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 99.47, off recent session and weekly highs at 99.58, helped on broad USD strength, ahead of later on US NFP at 12:30 GMT.
USD/JPY prone to some profit taking
“All the cloud players will be very happy as the base held so well at 97.55 and gave them a 200 pip bonus,” said FXWW founder Sean Lee, adding: “I’d now expect to see Tokyo taking some profits after a big move and I think we will struggle to break much higher today. I’ve gone short at 99.50, let’s see what happens.” USD/JPY is up +1.26% for the week so far.
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session/weekly highs 99.58, followed by July 19 lows at 99.79, and July 17 highs at 99.96. To the downside, closest support lies at July 24 lows 99.34, followed by July 23 lows at 99.12, and July 17 lows at 98.88.
USD/JPY prone to some profit taking
“All the cloud players will be very happy as the base held so well at 97.55 and gave them a 200 pip bonus,” said FXWW founder Sean Lee, adding: “I’d now expect to see Tokyo taking some profits after a big move and I think we will struggle to break much higher today. I’ve gone short at 99.50, let’s see what happens.” USD/JPY is up +1.26% for the week so far.
USD/JPY key technical levels
Immediate resistance to the upside for USD/JPY shows at recent session/weekly highs 99.58, followed by July 19 lows at 99.79, and July 17 highs at 99.96. To the downside, closest support lies at July 24 lows 99.34, followed by July 23 lows at 99.12, and July 17 lows at 98.88.