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23 Aug 2013
USD/JPY stalls at 98.60
FXstreet.com (Chicago) - USD/JPY accumulates 0.09% daily losses so far after dropping from 99.00 zone earlier today at the release of the US housing market results. The greenback has been unable to reach earlier levels but the pair continues navigating around 3-week highs.
Disappointing US data
Rumors linger around the reason why new home sales data failed to meet expectations. Higher US mortgage rates may be the explanation behind why new home sales (MoM) for July dropped to 0.394M vs. previous 0.455M and expected 0.485M. In Japan the Nikkei rose 2.21% and Wall Street trades with gains so far as the American trading session continues to advance.
USD/JPY Technical Levels
Technically speaking, the pair trades at 98.62, still around 3-week highs, and between supports at 98.50 (August 6th highs), 98.23 (July 30th highs) ahead of 97.94 (August 21st highs) and resistances at 98.85 (August 20th highs), 99.15 (August 22nd highs) followed by 99.31 (July 24th lows). On one-hour timeframe analysis, the FXstreet.com trend index reports the pair as slightly bearish, giving in 0.09% so far (American session). Market participants wait for clues on Fed’s tapering while the Jackson Hole Symposium takes place in Kansas.
Disappointing US data
Rumors linger around the reason why new home sales data failed to meet expectations. Higher US mortgage rates may be the explanation behind why new home sales (MoM) for July dropped to 0.394M vs. previous 0.455M and expected 0.485M. In Japan the Nikkei rose 2.21% and Wall Street trades with gains so far as the American trading session continues to advance.
USD/JPY Technical Levels
Technically speaking, the pair trades at 98.62, still around 3-week highs, and between supports at 98.50 (August 6th highs), 98.23 (July 30th highs) ahead of 97.94 (August 21st highs) and resistances at 98.85 (August 20th highs), 99.15 (August 22nd highs) followed by 99.31 (July 24th lows). On one-hour timeframe analysis, the FXstreet.com trend index reports the pair as slightly bearish, giving in 0.09% so far (American session). Market participants wait for clues on Fed’s tapering while the Jackson Hole Symposium takes place in Kansas.