•99.71 is providing support
•101.20 remains a strong resistance line
•Current range: 99.71 to 101.20
Further levels in both directions:
•Below: 99.71, 98.95 and 97.78
• Above: 101.20, 102.36, 103.73 and 104.9
USD/JPY ratio is unchanged on Thursday, consistent with the lack of movement from USD/JPY. Currently, long positions have a strong majority (72%), indicative of trader bias towards USD/JPY breaking out and moving to higher ground.
The Japanese yen is showing little movement on Thursday, continuing an uneventful week. Currently, USD/JPY is trading at 100.40. On the release front, Japanese SPPI posted a gain of 0.4%, beating the estimate of 0.1%. Japan will release more inflation during the day, highlighted by Tokyo Core CPI. Over in the US, there are two key releases – durable good reports and unemployment claims. On Friday, the US releases Primary GDP and we’ll also hear from Federal Reserve chair Janet Yellen at the Jackson Hole conference.