FXstreet.com (San Francisco) - Having traded sideways below the 78.50 mark all last week, USD/JPY may hold a slight upside bias this week and may target the 100-day EMA near 78.72.
However, according to Valeria Bednarik, Chief Analyst at FXstreet.com, technical readings on the intraday charts indicate a neutral market, with key resistance noted at 78.75 (100 DMA); “the pair has been capped below this last since early May this year, so unless a break higher, the upside seems pretty well limited,” she says.
On the fundamental front, Japanese officials remain concerned about the negative implications to growth that result from yen strength, and JPY traders are digesting the Japanese government’s decision to downgrade its economic assessment.
Regional bourses have opened mixed today, with the Nikkei down 3.62 points at 8,530.50, and with the ASX up 2.12 points at 4,488.70.
However, according to Valeria Bednarik, Chief Analyst at FXstreet.com, technical readings on the intraday charts indicate a neutral market, with key resistance noted at 78.75 (100 DMA); “the pair has been capped below this last since early May this year, so unless a break higher, the upside seems pretty well limited,” she says.
On the fundamental front, Japanese officials remain concerned about the negative implications to growth that result from yen strength, and JPY traders are digesting the Japanese government’s decision to downgrade its economic assessment.
Regional bourses have opened mixed today, with the Nikkei down 3.62 points at 8,530.50, and with the ASX up 2.12 points at 4,488.70.
