FxWirePro: USD/JPY holds above major trendline support at 100.10, weakness only on break below
Wednesday, September 28, 2016 5:29 AM UTC
- Risk-on in the markets after Chinese consumer sentiment data jumped to fresh 3-month highs.
- USD index advances to fresh session tops of 95.61 after comments from San Francisco Fed President John Williams.
- Fed’s Williams said "I would support an interest rate increase."
- USD/JPY hit session highs of 100.70, intraday bias higher, techs provide no conclusive direction.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-takes-major-trendline-support-at-10008-long-dips-for-10125-319202) has achieved TP1. Book full profits.
- Focus shifts to the US durable goods and Fed speaks due later in the NA session.
- Fed Chair Yellen’s testimony on supervision and regulation before the Committee on Financial Services will also remain in the spotlight.
- Major support levels - 100.08 (Sept 27 low & trendline), 100, 99.54 (Aug 16 low), 98.78 (June 24 low)
- Major resistance levels - 100.93 (Aug 22 high), 101, 101.13 (10-DMA), 101.70 (38.2% Fib), 102