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1 Nov 2013
USD/JPY rebounds after touching the 200-hourly DMA at 97.79
FXstreet.com (Athens) – The USD/JPY has been trading higher since the kick off of the European trading session, after found solid support at the 200-hourly DMA at 97.79.
USD/JPY trades higher on European trading session; in Asia was immensely wounded due to Nikkei sharp fall
The USD/JPY is trading higher in the European session, as the 200-hourly DMA at 97.79 offered solid support for the cross to regain its uptrend momentum. Still, the heavy losses of the Nikkei index (closed down 1.1%), may have a negative impact on the pair. What’s more, the Nikkei sharp fall also led to heavy pressures almost all the JPY crosses, which also might have a downtrend impact on the cross. the Japanese vehicle sales data show that “Abenomics” are on solid track. Briefly, the data showed that the vehicle sales rose 17.3% on a monthly basis much better than the +12.4% reading on September, thus, Japan witnessed the best reading in almost 15-month time.
Technical Aspects on the USD/JPY
Traders should bear in mind that as long as the pair holds the 200-hourly SMA support as of (97.79), but mostly the 200-daily SMA (97.55), can sustain its upwards momentum.Emmanuel Ng of OCBC Bank says “that this morning, we initiate a long USD/JPY (spot reference as of 98.36), targeting 100.70 with a stop at 97.15.Tactically, this pair may continue to manifest any USD strength in the wake of this week’s FOMC and with the BOJ still preoccupied with attempting to achieve its multi-year inflation target.”
USD/JPY trades higher on European trading session; in Asia was immensely wounded due to Nikkei sharp fall
The USD/JPY is trading higher in the European session, as the 200-hourly DMA at 97.79 offered solid support for the cross to regain its uptrend momentum. Still, the heavy losses of the Nikkei index (closed down 1.1%), may have a negative impact on the pair. What’s more, the Nikkei sharp fall also led to heavy pressures almost all the JPY crosses, which also might have a downtrend impact on the cross. the Japanese vehicle sales data show that “Abenomics” are on solid track. Briefly, the data showed that the vehicle sales rose 17.3% on a monthly basis much better than the +12.4% reading on September, thus, Japan witnessed the best reading in almost 15-month time.
Technical Aspects on the USD/JPY
Traders should bear in mind that as long as the pair holds the 200-hourly SMA support as of (97.79), but mostly the 200-daily SMA (97.55), can sustain its upwards momentum.Emmanuel Ng of OCBC Bank says “that this morning, we initiate a long USD/JPY (spot reference as of 98.36), targeting 100.70 with a stop at 97.15.Tactically, this pair may continue to manifest any USD strength in the wake of this week’s FOMC and with the BOJ still preoccupied with attempting to achieve its multi-year inflation target.”