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23 Apr 2013
Forex: USD/JPY breaks below 99.00 bids
FXstreet.com (Barcelona) - USD/JPY is last at 98.96, off fresh session and weekly lows at 98.72, breaking below previous NY session weekly lows following HSBC flash manufacturing PMI China coming in lower than expected at 50.5, when previous was at 51.6. Market is reporting big options related orders above 100.00 round, while “offers are joined by ‘real money’ selling,” said ForexLive editor Eamonn Sheridan.
Also reported today, while Nikkei index prints session lows down -0.28%, was hedge fund FX Concept exiting a long USD/JPY position recently, and looking for the 92 level before going any higher: “At a Reuters summit, the founder of hedge fund FX Concepts says that USD/JPY will fall to 92.00 in the next few months followed by a rally to 110 in the second-half of the year. Global growth fears will be the catalyst for the Q2 decline, Taylor says,” FXBriefs noted.
Immediate support to the downside for USD/JPY lies at recent session/weekly lows and April 15 lows 98.70, followed by April 18 highs at 98.50, and April 17 highs at 98.40. To the upside, closest resistance shows at yesterday's lows 98.97, followed by NY session highs/previous weekly close at 99.50, and Friday's highs at 99.70.
Also reported today, while Nikkei index prints session lows down -0.28%, was hedge fund FX Concept exiting a long USD/JPY position recently, and looking for the 92 level before going any higher: “At a Reuters summit, the founder of hedge fund FX Concepts says that USD/JPY will fall to 92.00 in the next few months followed by a rally to 110 in the second-half of the year. Global growth fears will be the catalyst for the Q2 decline, Taylor says,” FXBriefs noted.
Immediate support to the downside for USD/JPY lies at recent session/weekly lows and April 15 lows 98.70, followed by April 18 highs at 98.50, and April 17 highs at 98.40. To the upside, closest resistance shows at yesterday's lows 98.97, followed by NY session highs/previous weekly close at 99.50, and Friday's highs at 99.70.