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12 Dec 2013
USD/JPY down 2nd day in a row Wednesday; 103.54 key resistance; 101.62 is support
FXstreet.com (Barcelona) - The USD/JPY drifted lower Wednesday after the bearish engulfing candle that occurred Tuesday. Every cascade starts with a drip – but the bears are not yet in control of this situation.
USD/JPY traders to monitor minor Japanese data and heavy US data flow
USD/JPY traders will be closely monitoring the following data points out of Japan and the US Thursday:
• Foreign investment in Japanese securities
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• US Business Inventories
Technical outlook for USD/JPY
Technicians say the USD/JPY could be in the early stages of an downside move that has an eventual downside target that takes the cross all the way back down to 94 (from 103 and change currently). Before 94 is anywhere near approached, the first level of 101.62 will have to be broken. A close above 103.54 will be needed to change this bearish outlook for the pair and a close above 103.73 will confirm the more bullish scenario is unfolding.
USD/JPY traders to monitor minor Japanese data and heavy US data flow
USD/JPY traders will be closely monitoring the following data points out of Japan and the US Thursday:
• Foreign investment in Japanese securities
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• US Business Inventories
Technical outlook for USD/JPY
Technicians say the USD/JPY could be in the early stages of an downside move that has an eventual downside target that takes the cross all the way back down to 94 (from 103 and change currently). Before 94 is anywhere near approached, the first level of 101.62 will have to be broken. A close above 103.54 will be needed to change this bearish outlook for the pair and a close above 103.73 will confirm the more bullish scenario is unfolding.