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4 Nov 2013
USD/JPY opens week higher as last week’s upside momentum continues
FXstreet.com (Barcelona) - The USD/JPY cross opened the week higher after posting a bullish engulfing candle Friday. Will the talk of US Fed tapering continue to boost the US Dollar – and the USD/JPY cross?
USD/JPY traders have BOJ early in the week and big US data later in the week
With no Japanese data scheduled due to the Japanese markets being closed Monday, USD/JPY traders will have to look to US data and headlines for directional guidance Monday including several Fed Head speeches, the US ISM New York Index and US Factory Order data.
Later in the week, the big, market moving news will flow every day including: BOJ Governor Kuroda speaking on Tuesday, the BOJ’s meeting minutes release on Thursday, US GDP and weekly jobless claims on Thursday and the US monthly jobs report on Friday.
Technical outlook for USD/JPY
Technicians say USD/JPY broke above horizontal line resistance at 98.47 early last week– potentially opening up more upside for the cross. Support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at the 10/17 peak at 98.99 and is backed up by the maximum “correction resistance” at 99.80.
USD/JPY traders have BOJ early in the week and big US data later in the week
With no Japanese data scheduled due to the Japanese markets being closed Monday, USD/JPY traders will have to look to US data and headlines for directional guidance Monday including several Fed Head speeches, the US ISM New York Index and US Factory Order data.
Later in the week, the big, market moving news will flow every day including: BOJ Governor Kuroda speaking on Tuesday, the BOJ’s meeting minutes release on Thursday, US GDP and weekly jobless claims on Thursday and the US monthly jobs report on Friday.
Technical outlook for USD/JPY
Technicians say USD/JPY broke above horizontal line resistance at 98.47 early last week– potentially opening up more upside for the cross. Support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at the 10/17 peak at 98.99 and is backed up by the maximum “correction resistance” at 99.80.