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29 May 2013
USD/JPY offered at 102.50
FXstreet.com (Barcelona) - While BoJ Kuroda is due to speak in Tokyo, and Nikkei index opens around the 14500 points level, up +1.14%, the USD/JPY is being offered at the 102.50 level, printing a double high so far for the week at 102.51, same highs than in early NY trade.
Retails sales for Japan came in better than expected though still in the negative at -0.1% vs -0.4% y/y, but improving for third month in a row. Last at 102.40, USD/JPY is up +1.12% for the week so far, and +19% year to date. “USD/JPY has run into some fairly decent short-term resistance near 102.50 but if it can get through there then we may see another test of 103.50,” says FXWW founder Sean Lee.
Immediate resistance to the upside for USD/JPY shows at recent double weekly high 102.51, followed by Friday's highs at 102.58, and May 21 highs at 102.89. To the downside, closest support lies at current levels as May 22 lows 102.34, followed by session lows at 102.17, and May 21 lows at 102.06.
Retails sales for Japan came in better than expected though still in the negative at -0.1% vs -0.4% y/y, but improving for third month in a row. Last at 102.40, USD/JPY is up +1.12% for the week so far, and +19% year to date. “USD/JPY has run into some fairly decent short-term resistance near 102.50 but if it can get through there then we may see another test of 103.50,” says FXWW founder Sean Lee.
Immediate resistance to the upside for USD/JPY shows at recent double weekly high 102.51, followed by Friday's highs at 102.58, and May 21 highs at 102.89. To the downside, closest support lies at current levels as May 22 lows 102.34, followed by session lows at 102.17, and May 21 lows at 102.06.