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30 Jun 2014
USD/JPY retests highs after US data
FXStreet (Córdoba) - The USD/JPY edged slightly higher and retested daily highs after data showed US pending home sales rose the most in 8 months.
The index of US pending home sales rose 6.1% in May and hit 103.9, compared to a rise of 0.8% expected. Meanwhile minutes before, separated data showed Chicago manufacturing PMI dropped to 62.6, missing forecast of 62.9 for June.
The USD/JPY moved only a tad higher and match its Asian session high of 101.45 before pulling back. At time of writing, the USD/JPY is trading at the 101.40 zone, virtually unchanged on the day.
USD/JPY technical outlook
“Further slides below 101.23 should lead to a retest of this year lows around 100.70 while below this latter the bearish momentum will likely accelerate and drive price further down towards 100.00”, said Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates immediate supports at 101.20, 100.70 and 100.35, while she sees resistances at 101.60, 102.00 and 102.35.
The index of US pending home sales rose 6.1% in May and hit 103.9, compared to a rise of 0.8% expected. Meanwhile minutes before, separated data showed Chicago manufacturing PMI dropped to 62.6, missing forecast of 62.9 for June.
The USD/JPY moved only a tad higher and match its Asian session high of 101.45 before pulling back. At time of writing, the USD/JPY is trading at the 101.40 zone, virtually unchanged on the day.
USD/JPY technical outlook
“Further slides below 101.23 should lead to a retest of this year lows around 100.70 while below this latter the bearish momentum will likely accelerate and drive price further down towards 100.00”, said Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates immediate supports at 101.20, 100.70 and 100.35, while she sees resistances at 101.60, 102.00 and 102.35.