FXstreet.com (Barcelona) - The USD/JPY has extended its gains in the region of 79.45 on the heels of economic data out of the United States Friday. As of the American session, the pair has only traded in the range of 79.23 (intraday min) and 79.51 (intraday max), devoid of any high profile dips or spikes.
In the United States, the Reuters/Michigan Consumer Sentiment Index reported a figure of 73.6 in August, beating consensus expectations of 72.4, compared with 72.3 in the previous month. According to Mark De La Paz, an analyst at FX Instructor, “The market appears to have a bullish bias in USD/JPY hourly charts. We also maintain a bearish engulfing with strong resistance at 79.51. However, a break below 79.23, the pivot point, will open a full trend reversal down towards 79.04.”
De La Paz maintains that the USD/JPY will meet calculated resistance at 79.51, 79.70, and finally 79.98. Conversely, the pair will encounter means of support at 79.23, 79.04, and 78.86.
In the United States, the Reuters/Michigan Consumer Sentiment Index reported a figure of 73.6 in August, beating consensus expectations of 72.4, compared with 72.3 in the previous month. According to Mark De La Paz, an analyst at FX Instructor, “The market appears to have a bullish bias in USD/JPY hourly charts. We also maintain a bearish engulfing with strong resistance at 79.51. However, a break below 79.23, the pivot point, will open a full trend reversal down towards 79.04.”
De La Paz maintains that the USD/JPY will meet calculated resistance at 79.51, 79.70, and finally 79.98. Conversely, the pair will encounter means of support at 79.23, 79.04, and 78.86.
