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Forex pairs in this Article » USD/JPY (Edinburgh) - The USD rally continues to push the USD/JPY higher on Friday, with the pair now consolidating gains above 99.00 the figure.

USD/JPY upside hinges on Abenomics and US calendar

Better-than-expected results in the Japanese industrial production for the month of May plus mixed results from the consumer prices have ignited a bullish momentum in the pair since early morning, later combined with the recent string of positive results in the US economy. In the opinion of Derek Halpenny, European Head of Global Markets Research at BTMU, “Evidence that Abenomics is having an impact on the real economy will be good for equities and will encourage yen weakness. A break back above 100.00 is feasible now but solid US data next week will be an important element of that”.

USD/JPY levels to watch

At the moment the pair is advancing 0.89% at 99.25 facing the next hurdle at 99.47 (high Jun.60 ahead of 99.93 (61.8% of 133.74-93.75) and then 99.98 (high Jun.5). On the downside, a break below 98.37 (low Jun.28) would open the door to 98.17 (Kijun Sen line) and finally 98.15 (Cloud Base).
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