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17 Jul 2013
USD/JPY supported 99.30/40
FXstreet.com (London) - USD/JPY is disappointing the bulls again after regaining some ground over night and earlier on the London session.
The pair reached 99.90 but now suffers poor US data releases ahead of Bernanke speaking coming up at 2GMT. US data came out with Housing Starts and Building Permits printing negatively. Housing starts (MoM) for June came as 0.836M vrs Consensus 0.960m and 0.928m previous, while Building Permits (MoM) for June printed 0.911m vrs 1.000m consensus and 0.985m previous.
USD/JPY technically bearish
Axel Rudolph, Senior Technical Analyst at Commerzbank noted that the USD/JPY quote remains below its 101.60 78.6% retracement and attention remains on the base of the cloud circa 98.15. “It remains sandwiched between these two levels, but we suspect that overall risk is on the downside. Should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low”.
The pair reached 99.90 but now suffers poor US data releases ahead of Bernanke speaking coming up at 2GMT. US data came out with Housing Starts and Building Permits printing negatively. Housing starts (MoM) for June came as 0.836M vrs Consensus 0.960m and 0.928m previous, while Building Permits (MoM) for June printed 0.911m vrs 1.000m consensus and 0.985m previous.
USD/JPY technically bearish
Axel Rudolph, Senior Technical Analyst at Commerzbank noted that the USD/JPY quote remains below its 101.60 78.6% retracement and attention remains on the base of the cloud circa 98.15. “It remains sandwiched between these two levels, but we suspect that overall risk is on the downside. Should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low”.