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23 May 2013
USD/JPY bouncing off 101.00
FXstreet.com (Barcelona) - The intraday decline in the cross seems to have found bottom around the key support at 101.00 on Thursday, picking up pace afterwards to the current region of 101.60/65.
“We remain very wary of predictions of further yen weakness near term… But for a sustainable rally from here, we would not only need to be more bullish on the US economy but especially would need to see signs of Japanese interest in investing abroad”, assessed Sean Callow, Strategist at Westpac.
As of writing, the pair is losing 1.38% at 101.73 and a dip beyond 100.83 (low May 23) would accelerate the decline towards 100.54 (low May 10) and finally 99.95 (high Apr.11).
On the upside, resistance levels are located at 102.00 (psychological mark) ahead of 103.57 (high May 23) and the 103.73 (high May 22).
“We remain very wary of predictions of further yen weakness near term… But for a sustainable rally from here, we would not only need to be more bullish on the US economy but especially would need to see signs of Japanese interest in investing abroad”, assessed Sean Callow, Strategist at Westpac.
As of writing, the pair is losing 1.38% at 101.73 and a dip beyond 100.83 (low May 23) would accelerate the decline towards 100.54 (low May 10) and finally 99.95 (high Apr.11).
On the upside, resistance levels are located at 102.00 (psychological mark) ahead of 103.57 (high May 23) and the 103.73 (high May 22).