The dollar is stuck in
the doldrums against the yen, caught between two key technical
indicators suggesting it will remain in a range until U.S. jobs data
this week, according to IG Markets Securities Ltd.
The U.S. currency
tested last week the 76.40 percent Fibonacci retracement of the high
reached June 5 and the low set July 8, climbing 0.01 yen above it to
124.58 yen on July 30 before falling back. It has also rebounded each
time after falling toward the ichimoku-cloud that’s acting as a floor
amid speculation the Federal Reserve will raise interest rates this
year. The greenback was at 124.08 at 9:27 a.m. in Tokyo on Monday, while
the top of the cloud was 123.47.
Having risen for three
straight days through July 30, the the dollar may be prone to selling,
Ishikawa said, before the release of U.S. reports this week on nonfarm
payrolls, wages and unemployment. The greenback may test the top of the
ichimoku cloud at 123.36, he said.
Breaking the
currency’s recent range will require stronger U.S. data on wages and
labor costs, said Jun Kato, senior fund manager in Tokyo at Shinkin
Asset Management Co. The dollar may climb toward 125 yen as soon as this
month, he said.
Source: Bloomberg
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