Back
14 Jun 2013
USD/JPY overtakes 95.00 barrier on robust PPI
FXstreet.com (New York) - The USD/JPY foreign exchange rate jumped higher, paring some of the overnight losses and extending above the 95.00 barrier during US trading.
USD/JPY rallies not likely in near-term
According to Karen Jones, an Analyst at Commerzbank, “The USD/JPY remains under pressure and nears the 93.58 38.2% Fibonacci retracement of the 2012-13 rise and then possibly the 50% retracement at 90.43. We do not expect to see near-term rallies but were these to be seen they should fail ahead of the short-term downtrend at 98.23, to leave risks back on the downside.”
USD/JPY finds impetus via US PPI
In the United States, the Producer Price Index (YoY) rose +1.7% in May, beating a consensus of +1.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) came in at +1.7% in May, exceeding projections of +1.4%. Finally, the Current Account (Q1) yielded a figure of $-106.1B, vs. estimates of $-109.7B.
Despite the recent movement, the USD/JPY still remains buried in negative territory at 95.10, still down a -0.31%. Ultimately, the technical pair will look to find some levels of stability at 93.55, then 92.66, and finally 91.53, according to the Mataf.net analyst team.
USD/JPY rallies not likely in near-term
According to Karen Jones, an Analyst at Commerzbank, “The USD/JPY remains under pressure and nears the 93.58 38.2% Fibonacci retracement of the 2012-13 rise and then possibly the 50% retracement at 90.43. We do not expect to see near-term rallies but were these to be seen they should fail ahead of the short-term downtrend at 98.23, to leave risks back on the downside.”
USD/JPY finds impetus via US PPI
In the United States, the Producer Price Index (YoY) rose +1.7% in May, beating a consensus of +1.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) came in at +1.7% in May, exceeding projections of +1.4%. Finally, the Current Account (Q1) yielded a figure of $-106.1B, vs. estimates of $-109.7B.
Despite the recent movement, the USD/JPY still remains buried in negative territory at 95.10, still down a -0.31%. Ultimately, the technical pair will look to find some levels of stability at 93.55, then 92.66, and finally 91.53, according to the Mataf.net analyst team.