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13 Aug 2013
USD/JPY surges over 98.00 as rally gains fresh legs
FXstreet.com (New York) - The USD/JPY foreign exchange rate sailed to fresh highs Tuesday, breaking out and overcoming the 98.00 barrier despite initial concerns of a downtrend to start off the trading week.
In the United States, Retail Sales (MoM) were reported at only +0.2% in July, missing expectations of +0.3% and down from +0.6% previously. However, Retail Sales ex Autos (MoM) came in at +0.5%, beating estimates of only +0.4%.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, "The USD/JPY managed to hold above 97.65 stability above which is positive and can support the extension of bullishness in the US session. Stochastic is trading in overbought areas yet stability above 97.65 will offset the negative pressure."
USD/JPY technical levels
With the USD in full advance, the USD/JPY is presently operating at session highs at 98.21 Tuesday, securing a robust gain of +1.33% above its opening. Technically speaking, the USD/JPY has bulled its way through resistance at 98.05, and will now look to face its next hurdle at the 98.23 level, calculates the Danske Research Team.
In the United States, Retail Sales (MoM) were reported at only +0.2% in July, missing expectations of +0.3% and down from +0.6% previously. However, Retail Sales ex Autos (MoM) came in at +0.5%, beating estimates of only +0.4%.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, "The USD/JPY managed to hold above 97.65 stability above which is positive and can support the extension of bullishness in the US session. Stochastic is trading in overbought areas yet stability above 97.65 will offset the negative pressure."
USD/JPY technical levels
With the USD in full advance, the USD/JPY is presently operating at session highs at 98.21 Tuesday, securing a robust gain of +1.33% above its opening. Technically speaking, the USD/JPY has bulled its way through resistance at 98.05, and will now look to face its next hurdle at the 98.23 level, calculates the Danske Research Team.