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5 Jun 2013
USD/JPY bounces at 99.00 after Beige Book
FXstreet.com (San Francisco) - After falling around 70 pips in the American session from 99.70, the USD/JPY seems to have found support at 99.00, where the pair has bounced to trade back at 99.25 just following the US Beige Book release.
According to the Beige Book, The growth in was modest to moderate across most of the US in the last month. The employment increased in several districts and the real estate and construction expanded at a moderate to strong pace in most Fed districts.
The USD/JPY is currently trading at 99.20, 0.85% negative on the day. However, short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. CCI, Momentum are pointing to the north while the Stochastic and MACD are neutral.
Below the 99.00 area, next support is 98.86 (low Jun.3) and then 98.65 (low May 9). On the upside, a breakout of 100.47 (high Jun.5) would target 100.73 (high Jun.3) and finally 101.00 (psychological level).
According to the Beige Book, The growth in was modest to moderate across most of the US in the last month. The employment increased in several districts and the real estate and construction expanded at a moderate to strong pace in most Fed districts.
The USD/JPY is currently trading at 99.20, 0.85% negative on the day. However, short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. CCI, Momentum are pointing to the north while the Stochastic and MACD are neutral.
Below the 99.00 area, next support is 98.86 (low Jun.3) and then 98.65 (low May 9). On the upside, a breakout of 100.47 (high Jun.5) would target 100.73 (high Jun.3) and finally 101.00 (psychological level).