12 Jul 2013
USD/JPY tumbles towards 98.75 support
FXstreet.com (New York) - The USD/JPY edged lower Friday at the Tokyo open, as the JPY rallied slightly during Asian trading, sending the pair back below the key 99.00 level.
Following the recent weakness, the USD/JPY is now incurring a loss of -0.22% below its opening, operating presently at 98.77. The pair presently remains fortified by supports at 98.75, then 98.58 (June 27 high), and finally 98.37 (July 11 low). On the ascension, resistances lie ahead at 99.37 (July 3 low), onto 99.54 (July 4 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “With the BOJ probably refraining from easing for the rest of the year, and USD weaker on the delay of US QE tapering, the USD/JPY is back on the bearish track – the pair is struggling to hold above the 38.2% retracement of its latest daily bullish run around 98.60, with the hourly chart showing moving averages turning lower well above current price and indicators turning south still in positive territory. Selling interest is still strong as the price acceleration below mentioned 98.60, should now lead to a downward continuation towards 97.70 (38.2% retracement of the October/May).”
Following the recent weakness, the USD/JPY is now incurring a loss of -0.22% below its opening, operating presently at 98.77. The pair presently remains fortified by supports at 98.75, then 98.58 (June 27 high), and finally 98.37 (July 11 low). On the ascension, resistances lie ahead at 99.37 (July 3 low), onto 99.54 (July 4 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “With the BOJ probably refraining from easing for the rest of the year, and USD weaker on the delay of US QE tapering, the USD/JPY is back on the bearish track – the pair is struggling to hold above the 38.2% retracement of its latest daily bullish run around 98.60, with the hourly chart showing moving averages turning lower well above current price and indicators turning south still in positive territory. Selling interest is still strong as the price acceleration below mentioned 98.60, should now lead to a downward continuation towards 97.70 (38.2% retracement of the October/May).”