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12 Jul 2013
USD/JPY eases off highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has eased off its previous highs (99.71) Friday, weakening across the US session after the release of US data.
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/JPY strategic bias
The USD/JPY foreign exchange rate remains entrenched in positive territory at 99.30 (200-day SMA), still up +0.33% in these moments. Any rise in the exchange rate will first need to scale resistances at 99.53 (July 11 high), followed by 99.72 (session high), and 100.01 (key upside barrier).
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved a bit to the upside, as we are worried about trading above Linear Regression Indicator 34. However, the linear regression indicators extended negativity encouraging us to hold on to our negative expectations unless the pair breached 99.70 levels and stabilized above it.”
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/JPY strategic bias
The USD/JPY foreign exchange rate remains entrenched in positive territory at 99.30 (200-day SMA), still up +0.33% in these moments. Any rise in the exchange rate will first need to scale resistances at 99.53 (July 11 high), followed by 99.72 (session high), and 100.01 (key upside barrier).
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved a bit to the upside, as we are worried about trading above Linear Regression Indicator 34. However, the linear regression indicators extended negativity encouraging us to hold on to our negative expectations unless the pair breached 99.70 levels and stabilized above it.”