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14 Aug 2013
USD/JPY bouncing off of session lows mightily. 99.94 next stop?
FXstreet.com (Barcelona) - The USD/JPY cross rebounded sharply over the last hour and appears destined for a test of the recent peak at 99.94.
USD/JPY bouncing likely a result of technical buying
The USD/JPY trading crowd was supposed to be waiting for the release of the US Producer Price Index at 12:30 GMT, but a sharp rally off of session lows came seemingly out of nowhere and caught many a short-seller sleeping.
Technical outlook for USD/JPY
Technicians see the rally in USD/JPY continuing up to at least the recent peak from August 2nd at 99.94. Past that point, the next resistance would be approximately 100.50. Support for the cross comes in at the 8/8 low of 95.80.
USD/JPY bouncing likely a result of technical buying
The USD/JPY trading crowd was supposed to be waiting for the release of the US Producer Price Index at 12:30 GMT, but a sharp rally off of session lows came seemingly out of nowhere and caught many a short-seller sleeping.
Technical outlook for USD/JPY
Technicians see the rally in USD/JPY continuing up to at least the recent peak from August 2nd at 99.94. Past that point, the next resistance would be approximately 100.50. Support for the cross comes in at the 8/8 low of 95.80.