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27 Nov 2013
USD/JPY strong; hits 102.21 6-month peaks
FXstreet.com (Chicago) - USD/JPY reached 6-month highs around the 102.20 front and sustains high performance after a memorable week that prints over 80 pips won.
Data surprises
Earlier in the US, job market results outperformed estimates for the second time in weeks at 316K vs. expected 330K. The Chicago purchasing managers’ index was 63 vs. expected 60 while the Reuters/Michigan consumer sentiment index was 75.1 vs. expected 73.5. Market participants wait for Japanese retail trade results along foreign investments.
USD/JPY Technical Levels
Price action reveals the bulls are outrunning the bears who, merciless, watch fresh 6-month peaks in the afternoon of the American trading session. After consolidating a reversal earlier this week, the pair evidences a strong rally with steeper climbs that set new records. Offered at 102.11, the pair oscillates between the supports aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) and the resistances set at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis the pair is slightly bullish and navigates above the EMA20.
Data surprises
Earlier in the US, job market results outperformed estimates for the second time in weeks at 316K vs. expected 330K. The Chicago purchasing managers’ index was 63 vs. expected 60 while the Reuters/Michigan consumer sentiment index was 75.1 vs. expected 73.5. Market participants wait for Japanese retail trade results along foreign investments.
USD/JPY Technical Levels
Price action reveals the bulls are outrunning the bears who, merciless, watch fresh 6-month peaks in the afternoon of the American trading session. After consolidating a reversal earlier this week, the pair evidences a strong rally with steeper climbs that set new records. Offered at 102.11, the pair oscillates between the supports aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) and the resistances set at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis the pair is slightly bullish and navigates above the EMA20.