Is The USD Set For Consolidation Ahead Of Belated NFP Release? The JPY continued to edge weaker against even a struggling US dollar as trade data overnight failed to support the currency. Exports failed to grow as much as expected relative to a year ago, though they were still up 11.5 percent from the previous year. Of course, in the course of that year, the trade-weighted Japanese Yen fell by some 20 percent, so the growth isn’t that impressive if those exports are billed in foreign currency. USDJPY is running out of room to shrink the range any further soon, and must at least make a false breakout one way or another in coming days. Chart: USDJPY Its a question of waiting and wondering in USDJPY as the ever-shrinking range can hardly shrink any further in the near-term. To the upside lies the 99.00 area high of last week, though the Ichimoku cloud daily comes in just below that level. And to the downside, the 96.55 level which was close to the 200-day moving average at the time it traded, though that average has since moved up over 97.00.
Posted on: Mon, 21 Oct 2013 10:29:13 +0000
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