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17 Sep 2013
USD/JPY rallies off session lows; bulls need to take out 99.32 to recapture the flag
FXstreet.com (Barcelona) - Once the Yellen-for-Summers euphoria wore off Monday, the USD/JPY was able to rally hard off the lows and finish near the session highs. Bulls will need to take out 99.32 for the rally to matter, though.
USD/JPY traders will be keying off Fed rumors and US CPI Tuesday
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will continue to keep one eye on the news wires for meaningful updates on all things Fed-related. Additionally, however, traders will get to trade off of US CPI data later in the session Tuesday.
Technical outlook for USD/JPY
Technicians say the USD/JPY may have found a floor at potential “correction support” at 98.50. They say even a move down to 98.31 could have occurred without turning the chart bearish. Resistance for USD/JPY comes in at 99.32 – a close above which would open up more upside potential in the short-term.
USD/JPY traders will be keying off Fed rumors and US CPI Tuesday
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will continue to keep one eye on the news wires for meaningful updates on all things Fed-related. Additionally, however, traders will get to trade off of US CPI data later in the session Tuesday.
Technical outlook for USD/JPY
Technicians say the USD/JPY may have found a floor at potential “correction support” at 98.50. They say even a move down to 98.31 could have occurred without turning the chart bearish. Resistance for USD/JPY comes in at 99.32 – a close above which would open up more upside potential in the short-term.