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5 Apr 2013
Forex: USD/JPY continues to advance at 97.20/25
FXstreet.com (Barcelona) - The USD/JPY has successfully pared its mishaps after taking an earlier tumble during European trading Friday. After getting a welcome boost from uneven US data, the pair is now operating at session highs near 97.20/25, up a steadfast +0.93%.
According to the ICN.com analyst team, “The USD/JPY is trading in a bearish bias affected by the negativity shown on momentum indicators. Stability above 96.10 is positive as it favors extending the upside move. Therefore, we will hold on to our positive expectations benefiting from stabilizing above 95.50.”
Earlier today in the United States, the Nonfarm Payrolls (March) were reported at 88K, against expectations of 200k. Meanwhile, the Unemployment Rate (March) came in at just 7.6%, beating consensus estimates of 7.7%.
“We reiterate our bullish stance on the USD/JPY with the trending momentum indicators pointing north – the focus is on resistance at 97.79 ahead of 99.74.” notes Research Analyst Gareth Berry at UBS.
According to the ICN.com analyst team, “The USD/JPY is trading in a bearish bias affected by the negativity shown on momentum indicators. Stability above 96.10 is positive as it favors extending the upside move. Therefore, we will hold on to our positive expectations benefiting from stabilizing above 95.50.”
Earlier today in the United States, the Nonfarm Payrolls (March) were reported at 88K, against expectations of 200k. Meanwhile, the Unemployment Rate (March) came in at just 7.6%, beating consensus estimates of 7.7%.
“We reiterate our bullish stance on the USD/JPY with the trending momentum indicators pointing north – the focus is on resistance at 97.79 ahead of 99.74.” notes Research Analyst Gareth Berry at UBS.