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14 Aug 2013
USD/JPY at the crossroads, upside unclear
FXstreet.com (New York) - The USD/JPY foreign exchange rate has held onto the majority of yesterdays gains, though the advance has somewhat stalled heading into Asian trading Wednesday.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY advanced up to 98.32, giving the pair further upward support. The strong comeback has left the hourly chart with indicators still in overbought readings and price well above its moving averages, with 200-day SMA currently offering support in the 97.60 area. The upside however, remains unclear as price remains below 100-day SMA currently around 98.60 and immediate resistance level: sellers will attempt to resume these last days’ negative bias from there.”
The USD/JPY is now trading at 98.21, marginally falling off its opening. Briefing the technical levels, the USD/JPY remains situated by support at 98.00, ahead of 97.60, and 97.20. Conversely, resistances will attempt to constrain any upward advance at 98.40 onto 98.90.
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY advanced up to 98.32, giving the pair further upward support. The strong comeback has left the hourly chart with indicators still in overbought readings and price well above its moving averages, with 200-day SMA currently offering support in the 97.60 area. The upside however, remains unclear as price remains below 100-day SMA currently around 98.60 and immediate resistance level: sellers will attempt to resume these last days’ negative bias from there.”
The USD/JPY is now trading at 98.21, marginally falling off its opening. Briefing the technical levels, the USD/JPY remains situated by support at 98.00, ahead of 97.60, and 97.20. Conversely, resistances will attempt to constrain any upward advance at 98.40 onto 98.90.