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1 Oct 2013
USD/JPY spikes higher above 98.30
FXstreet.com (Chicago) - USD/JPY opened strong against the yen ahead of key events in both countries with the potential corporate tax reduction and sales tax hike in Japan and the unsettled spending issue in the US with overnight work before the hard deadline.
Tankan series…will the tax sales hike be happening soon?
In recently published Japanese data, the tankan large manufacturing outlook for the third quarter was 11 vs. past and expected 10. The tankan large all industry capex was 5.1% vs. past 5.5% and expected 6.0%. The tankan large manufacturing index was 12 vs. past 4 and estimated 7. The tankan non-manufacturing outlook was 14 vs. past 12 and expected 15 while the tankan non-manufacturing index was 14 matching prior and projected results. In the US, the Dallas Fed manufacturing business index was 12.8 vs. past 5.0 and the Chicago purchasing managers’ index was 55.7 vs. past 53 results. Amid a potential all-nighter pulled by Washington, no agreement is reported from the country implying a potential shutdown is on its way.
USD/JPY Technical Levels
Technically speaking, the pair trades at 98.37 and oscillates between the supports aligned at 97.44 (August 20th lows), 96.92 (August 21st lows) ahead of 95.92 (August 10th lows) and resistances set at 98.47 (September 25th lows), 99.12 (September 24th highs) followed by 99.69 (September 20th highs).
Tankan series…will the tax sales hike be happening soon?
In recently published Japanese data, the tankan large manufacturing outlook for the third quarter was 11 vs. past and expected 10. The tankan large all industry capex was 5.1% vs. past 5.5% and expected 6.0%. The tankan large manufacturing index was 12 vs. past 4 and estimated 7. The tankan non-manufacturing outlook was 14 vs. past 12 and expected 15 while the tankan non-manufacturing index was 14 matching prior and projected results. In the US, the Dallas Fed manufacturing business index was 12.8 vs. past 5.0 and the Chicago purchasing managers’ index was 55.7 vs. past 53 results. Amid a potential all-nighter pulled by Washington, no agreement is reported from the country implying a potential shutdown is on its way.
USD/JPY Technical Levels
Technically speaking, the pair trades at 98.37 and oscillates between the supports aligned at 97.44 (August 20th lows), 96.92 (August 21st lows) ahead of 95.92 (August 10th lows) and resistances set at 98.47 (September 25th lows), 99.12 (September 24th highs) followed by 99.69 (September 20th highs).