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16 Dec 2013
USD/JPY continues in ranges after Tankan
FXstreet.com (Córdoba) - Since Friday's American session the USD/JPY has moved inside a range with support around 103.00 and resistance at 103.30. Recent economic data from Japan had no effect on the Yen across the board and the pair remained flat trading around 103.20.
Tankan results and the Nikkei 225
The Tankan Large Manufacturing Index rose to 16 from 12 (consensus was for a reading of 15) while the Outlook rose from 11 to 14 (consensus 17). The Tankan Large Non-Manufacturing Index stood at 20, rising from 14 and versus expectation of 16 while the Outlook grew from 14 to 17 (it was expected at 19). The last indicator of the survey was the Tankan All Industry Capex stood at 4,6%, less than the expected 5,5% and below 5,1% from the prior survey.
Stocks in Asia are showing mix results. The Nikkei 225 is falling 0,60% in the first hours of trading of the week, probably affected by the Tankan results, limiting the weakness of yen.
Technical outlook for the USD/JPY
According to Valeria Bednarik, chief analyst at Fxstreet.com notes that the pair is showing little aims of recovering ground as short term indicators in the hourly chart are still in negative territory but in the four hour charts the technical outlook still favors the upside. “Immediate short term resistance stand around 103.35, with a break above it opening doors for an upward continuation towards mentioned 104.00 price zone.”
Tankan results and the Nikkei 225
The Tankan Large Manufacturing Index rose to 16 from 12 (consensus was for a reading of 15) while the Outlook rose from 11 to 14 (consensus 17). The Tankan Large Non-Manufacturing Index stood at 20, rising from 14 and versus expectation of 16 while the Outlook grew from 14 to 17 (it was expected at 19). The last indicator of the survey was the Tankan All Industry Capex stood at 4,6%, less than the expected 5,5% and below 5,1% from the prior survey.
Stocks in Asia are showing mix results. The Nikkei 225 is falling 0,60% in the first hours of trading of the week, probably affected by the Tankan results, limiting the weakness of yen.
Technical outlook for the USD/JPY
According to Valeria Bednarik, chief analyst at Fxstreet.com notes that the pair is showing little aims of recovering ground as short term indicators in the hourly chart are still in negative territory but in the four hour charts the technical outlook still favors the upside. “Immediate short term resistance stand around 103.35, with a break above it opening doors for an upward continuation towards mentioned 104.00 price zone.”