Back
27 Sep 2013
USD/JPY hits the “snooze” button on US data as expected
FXstreet.com (Athens) – The USD/JPY continues to set up a downtrend consolidation mode, due to “risk-off” environment.
US data in line with expectations; USD/JPY stable at its earlier levels
The USD/JPY moved very slightly after the release of US data, as the announcement was strongly in accordance with the estimations. Thus, the USD/JPY is still heading south, due to the prevailing “risk-off” environment. Earlier, media wires announced that “Italian debt downgrade is imminent”, though traders should not get surprised if the Japanese currency strengthens further across the board, i.e. dragging the pair downwards.
Technical outlook and Strategic Bias on USD/JPY
Karen Jones, Head Technical Analyst at Commerzbank suggests “that USD/JPY has eased slightly lower before recovering this morning, but essentially is sidelined in a converging range. Below 97.61 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 96.26.”
US data in line with expectations; USD/JPY stable at its earlier levels
The USD/JPY moved very slightly after the release of US data, as the announcement was strongly in accordance with the estimations. Thus, the USD/JPY is still heading south, due to the prevailing “risk-off” environment. Earlier, media wires announced that “Italian debt downgrade is imminent”, though traders should not get surprised if the Japanese currency strengthens further across the board, i.e. dragging the pair downwards.
Technical outlook and Strategic Bias on USD/JPY
Karen Jones, Head Technical Analyst at Commerzbank suggests “that USD/JPY has eased slightly lower before recovering this morning, but essentially is sidelined in a converging range. Below 97.61 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 96.26.”