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USD/JPY: Trade Levels Not Seen Since April

ByTalking Forex
Published 06/13/2013, 10:51 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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JP225
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OPIN
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NOTE
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EUR/USD

The lack of major macroeconomic data out of Europe meant that EUR/USD, as well as GBP/USD traded sideways throughout the morning session. Of note, the World Bank cut its euro zone 2013 growth forecast to -0.6% from -0.1%. In other EU related commentary, Spain's pension proposals are credit positive, according to Moodys. Technically, support levels for EUR/USD are seen at 1.3300, 1.3266 and then at the 10-DMA line at 1.3196. On the other hand, resistance levels are seen at 1.3390, 1.3400 and then at 1.3443.

GBP/USD
Despite weaker USD, GBP/USD also traded in minor negative territory, with offers at 1.5700, which was also an intraday option expiry, capped the upside during the Asian hours. Technically, support levels are seen at the psychologically important 1.5600 level, 1.5521 and then the 10-DMA line at 1.5495. On the other hand, resistance levels are seen at the 30-day upper Bollinger level at 1.5729 and then at the 61.8% retracement of the 1.6380 to 1.4832 move.

USD/JPY
The positive correlation between the Nikkei 225 index and USD/JPY saw the major pair decline over 200 pips to trade at levels not seen since early April. However, even though the spot rate remained under pressure, the implied vols surged to 2y-high which indicates that the sell-off may now be viewed as a buying opportunity. Technically, major support level is seen at 93.57 which is the 38.2% retracement of the September to May rally. As a guide, officials at the World Bank raised Japan 2013 growth forecast to 1.4% from 0.8%.

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