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5 Aug 2013
USD/JPY shadowed by rising sun
FXstreet.com (Chicago) - USD/JPY gave in earlier gains to amass 0.42% so far.
Price action indicated a short-lived attempt to break above 98.00 levels earlier today as market participants reacted to positive ISM non-manufacturing PMI data for July in the US. At 56.0, the index outperformed expectations at 53.0 and previous 52.2 results. In Japan, the Nikkei closed down at 1.44% mostly due to disappointing corporate earnings results. In terms of relative performance, the yen has gained 0.44% against the dollar to top major currency gainers.
Technical levels
Technically speaking, the pair traded at 98.47, oscillating between supports at 98.43 (July 30 highs), 98.33 (July 26 highs), 98.17 (July 29 highs) and resistances at 98.68 (August 2nd lows), 98.82 (July 12 lows), 98.94 (July 16 lows). The FXstreet trend index reported a slightly bullish momentum for one-hour timeframe analysis.
Price action indicated a short-lived attempt to break above 98.00 levels earlier today as market participants reacted to positive ISM non-manufacturing PMI data for July in the US. At 56.0, the index outperformed expectations at 53.0 and previous 52.2 results. In Japan, the Nikkei closed down at 1.44% mostly due to disappointing corporate earnings results. In terms of relative performance, the yen has gained 0.44% against the dollar to top major currency gainers.
Technical levels
Technically speaking, the pair traded at 98.47, oscillating between supports at 98.43 (July 30 highs), 98.33 (July 26 highs), 98.17 (July 29 highs) and resistances at 98.68 (August 2nd lows), 98.82 (July 12 lows), 98.94 (July 16 lows). The FXstreet trend index reported a slightly bullish momentum for one-hour timeframe analysis.