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17 Sep 2013
USD/JPY filling the Fed / Yellen gap by reaching 99.34. Now what?
FXstreet.com (Barcelona) - The relative strength of the US Dollar has been driving the action in the USD/JPY thus far this week. With this latest rally, the USD/JPY has erased the entire move that occurred as a result of the Fed / Summers news.
USD/JPY traders to focus on US CPI along with Fed chatter
Traders in USD/JPY will continue to monitor the news wires for any news / developments on the possible replacement for Ben Bernanke. Additionally, they will get to digest US CPI data later in the session on Tuesday.
Technical outlook
The technical picture for USD/JPY is very bullish on a long-term, macro basis, but is much less clear on a short-term basis. Support comes in at Monday’s low of 99.44 and is followed by 98.31. Resistance comes in at 100 – assuming Friday’s close at 99.34 is taken out.
USD/JPY traders to focus on US CPI along with Fed chatter
Traders in USD/JPY will continue to monitor the news wires for any news / developments on the possible replacement for Ben Bernanke. Additionally, they will get to digest US CPI data later in the session on Tuesday.
Technical outlook
The technical picture for USD/JPY is very bullish on a long-term, macro basis, but is much less clear on a short-term basis. Support comes in at Monday’s low of 99.44 and is followed by 98.31. Resistance comes in at 100 – assuming Friday’s close at 99.34 is taken out.