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May 28, 2013
USD/JPY flying above 101.50
FXstreet.com (Barcelona) - Moments after the Change in the price of services purchased by corporations data in Japan has been published, the USD/JPY has spiked higher above the 101.50 level, last at 101.63, off recent session and weekly highs at 101.71.
The inflation data came in worse than expected at -0.4% vs -0.2% y/y though still showing signs of improvement from years before, still to be known if for anything else than just seasonal patterns. All in all, Nikkei index opened around the 14k round level, down almost -1%, but soon bounced and currently trading up +0.54% at 14218. The jump in USD/JPY comes in the back of a broad USD move higher.
Immediate resistance to the upside for USD/JPY shows at recent session/weekly highs 101.71, followed by May 10 highs at 102.00, and May 13 highs at 102.14. To the downside, closest support lies at Friday's highs at 101.40, followed by May 24 lows at 101.10, and NY session lows at 100.80.
The inflation data came in worse than expected at -0.4% vs -0.2% y/y though still showing signs of improvement from years before, still to be known if for anything else than just seasonal patterns. All in all, Nikkei index opened around the 14k round level, down almost -1%, but soon bounced and currently trading up +0.54% at 14218. The jump in USD/JPY comes in the back of a broad USD move higher.
Immediate resistance to the upside for USD/JPY shows at recent session/weekly highs 101.71, followed by May 10 highs at 102.00, and May 13 highs at 102.14. To the downside, closest support lies at Friday's highs at 101.40, followed by May 24 lows at 101.10, and NY session lows at 100.80.