25 Sep 2013
USD/JPY on corrective move above 98.70; below EMA20
FXstreet.com (Chicago) - USD/JPY consolidates above the 98.70 zone but remains trading below the EMA20 at Tokyo’s opening.
Yesterday’s recap
Price action reveals a primary trend pointing up with a secondary trend pointing down and short-term parallel movement. At Tokyo’s opening, the pair starts with minimal losses after corporate service price (YoY) for August was released at 0.6% vs. expected 0.5% and past 0.4%. In the US, mixed manufacturing results were published earlier and Wall Street closed with mixed indexes with the Dow down 0.43%, the Nasdaq up 0.08% and the S&P 500 down 0.26%.
USD/JPY Technical Levels
So far, the pair accumulates 0.54% and is offered at 98.77, navigating between supports around 98.73 (September 22nd lows), 98.45 (September 24th lows) ahead of 98.16 (September 1st lows) and resistances set at 99 (September 24th highs), 99.32 (September 17th highs) followed by 99.53 (September 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains below the EMA20. On daily chart, the pair extends upward trendline originated last June but prints lower highs.
Yesterday’s recap
Price action reveals a primary trend pointing up with a secondary trend pointing down and short-term parallel movement. At Tokyo’s opening, the pair starts with minimal losses after corporate service price (YoY) for August was released at 0.6% vs. expected 0.5% and past 0.4%. In the US, mixed manufacturing results were published earlier and Wall Street closed with mixed indexes with the Dow down 0.43%, the Nasdaq up 0.08% and the S&P 500 down 0.26%.
USD/JPY Technical Levels
So far, the pair accumulates 0.54% and is offered at 98.77, navigating between supports around 98.73 (September 22nd lows), 98.45 (September 24th lows) ahead of 98.16 (September 1st lows) and resistances set at 99 (September 24th highs), 99.32 (September 17th highs) followed by 99.53 (September 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains below the EMA20. On daily chart, the pair extends upward trendline originated last June but prints lower highs.