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12 Sep 2013
USD/JPY faltering at key100.37 resistance; Japanese data a help?
FXstreet.com (Barcelona) - After a peek above key “correction resistance” at 100.37, the USD/JPY fell back below that level on short-tern weakness in the greenback Wednesday. Might the weakness may be short-lived as Japanese data disappoints?
US data to take center stage later Thursday
Japanese machinery orders came in far lighter-than-expected which probably should have given a lift to the USD/JPY, but the cross is actually selling off further immediately after the report. Perhaps the simultaneous release of foreign investment data in Japan is the true influencer here.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for USDJPY
Tim Thielen, CMT and author of the Sea Change Forex Report, wrote in his most recent filing with FX Street that the USD/JPY needs to recapture 100.37 resistance because a confirmed failure there could lead to a drop to 93 or so. Shorter-term support comes in at 98.53 and 97.87 – both recent downside pivots.
US data to take center stage later Thursday
Japanese machinery orders came in far lighter-than-expected which probably should have given a lift to the USD/JPY, but the cross is actually selling off further immediately after the report. Perhaps the simultaneous release of foreign investment data in Japan is the true influencer here.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for USDJPY
Tim Thielen, CMT and author of the Sea Change Forex Report, wrote in his most recent filing with FX Street that the USD/JPY needs to recapture 100.37 resistance because a confirmed failure there could lead to a drop to 93 or so. Shorter-term support comes in at 98.53 and 97.87 – both recent downside pivots.