8 Aug 2013
USD/JPY falls to session lows, threatening 96.00 barrier
FXstreet.com (New York) - The USD/JPY foreign exchange rate dropped lower Thursday morning during US trading, opening up fresh losses amidst a plunge that is on the verge of falling below the 96.00 level.
Earlier today in the United States, Initial Jobless Claims (August 3) were reported at 333K, beating expectations of 336K. Moreover, Continuing Jobless Claims (July 27) yielded a figure of 3.018M, relative to a projection of 2.950M.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 96.05, presently incurring a loss of -0.32% off its opening. Following an earlier plunge below support at 96.20, the pair will look to test support at 96.00, ahead of 95.77, notes the Danske Research Team.
According to the Karen Jones, an analyst at Commerbank, “The USD/JPY has sold off sharply and looks set to extend losses to 95.42 (Fibo) then 94.66 support line. The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55. This is the June low and the 38.2% retracement of the move up from the September 2012 low.”
Earlier today in the United States, Initial Jobless Claims (August 3) were reported at 333K, beating expectations of 336K. Moreover, Continuing Jobless Claims (July 27) yielded a figure of 3.018M, relative to a projection of 2.950M.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 96.05, presently incurring a loss of -0.32% off its opening. Following an earlier plunge below support at 96.20, the pair will look to test support at 96.00, ahead of 95.77, notes the Danske Research Team.
According to the Karen Jones, an analyst at Commerbank, “The USD/JPY has sold off sharply and looks set to extend losses to 95.42 (Fibo) then 94.66 support line. The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55. This is the June low and the 38.2% retracement of the move up from the September 2012 low.”