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16 Sep 2013
USD/JPY tumbling in reaction to Summers news - US data looms Monday
FXstreet.com (Barcelona) - The news that Larry Summers will not be the new Fed Chairman caused a very sharp bearish reaction in USD/JPY early-Monday. News / data this week will be the real drivers, though.
USD/JPY will digest Summers news and move on to real economic data
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will likely do well to instead focus on the news and data flow out of the U.S. and Japan this week. That news flow starts Monday with the US NY Empire State Manufacturing Index, US Industrial Production and Capacity Utilization numbers.
Technical outlook for USD/JPY
Technicians say that if the current USD/JPY weakness holds into the close Monday, the next level of support to look for will be horizontal line support at 97.87 which is, in turn, followed by 97.03. Resistance for USD/JPY comes in at Friday’s high at 99.97 and is followed by the 9/11 high of 100.60.
USD/JPY will digest Summers news and move on to real economic data
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will likely do well to instead focus on the news and data flow out of the U.S. and Japan this week. That news flow starts Monday with the US NY Empire State Manufacturing Index, US Industrial Production and Capacity Utilization numbers.
Technical outlook for USD/JPY
Technicians say that if the current USD/JPY weakness holds into the close Monday, the next level of support to look for will be horizontal line support at 97.87 which is, in turn, followed by 97.03. Resistance for USD/JPY comes in at Friday’s high at 99.97 and is followed by the 9/11 high of 100.60.