kiriss5678 Posted September 24, 2014 Report Share Posted September 24, 2014 COZforex: The dollar held steady against the yen on Tuesday, boosted by solid US manufacturing data, though profit taking chipped away at the greenback's gains and sent it dipping into negative territory at times. In U.S. trading, USD/JPY was down 0.02% at 108.82, up from a session low of 108.27 and off a high of 108.95. COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 108.5, and a drop through could take it to the next support line of 108.24. Meanwhile, the pair is predicted to find its first resistance at 109.11, and a rise through could take it to the next resistance line of 109.47. The dollar has strengthened against the yen and most other major currencies in recent weeks as investors prep for monetary policy to become less accommodative in the US at a time when Europe and Japan are taking steps to loosen policy. By Tuesday, investors viewed the dollar's rally as due for a breather and sold the greenback for profits, giving the yen room to strengthen despite solid data out of the US. Markit Economics reported earlier that its preliminary US manufacturing purchasing managers’ index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading. A separate report showed that the Federal Reserve Bank of Richmond’s monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10. On Wednesday, markets will move on new home sales numbers. (COZ forex UK) Quote Link to comment Share on other sites More sharing options...
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