Forex: USD/JPY practically unchanged after JP data
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USD/JPY
FXstreet.com (San Francisco) - A recent slew of mostly bad Japanese data, including jobs, IP, CPI, & PMI numbers, has sparked a bit of volatility for USDJPY this Friday, having slid to an intraday low of 78.51 vs. 78.64 at the close in North America.
At the time of writing, USDJPY is quoted at 78.55 in the minutes following the opening bells in Tokyo and Sydney, as the pairing is relatively unaffected by the data. Japan 225 is now quoted down 67.28 points, or 0.75% at 8916.50, while S&P/ASX 200 is down 5.17 points, or 0.12% at 4310.50.
As Valeria Bednarik, Chief Analyst at FXstreet.com observes, price remains range bound and lacking direction according to technical studies; however, she notes that the path of least resistance is to South:
"Technical readings in the 1 and 4 hours charts hold the overall heavy tone seen lately favoring the downside, although price is not actually seen beyond 77.90 mark after recent Japanese authorities' jawboning," comments Ms. Bednarik.
At the time of writing, USDJPY is quoted at 78.55 in the minutes following the opening bells in Tokyo and Sydney, as the pairing is relatively unaffected by the data. Japan 225 is now quoted down 67.28 points, or 0.75% at 8916.50, while S&P/ASX 200 is down 5.17 points, or 0.12% at 4310.50.
As Valeria Bednarik, Chief Analyst at FXstreet.com observes, price remains range bound and lacking direction according to technical studies; however, she notes that the path of least resistance is to South:
"Technical readings in the 1 and 4 hours charts hold the overall heavy tone seen lately favoring the downside, although price is not actually seen beyond 77.90 mark after recent Japanese authorities' jawboning," comments Ms. Bednarik.
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