28 Oct 2013
USD/JPY is positive; can’t go beyond 97.80
FXstreet.com (Chicago) - USD/JPY accumulated 0.23% gains so far ahead of Japanese data and Wall Street closing.
Market participants expect Japanese data towards the end of a journey that presents mixed data and performance in equity markets.
USD/JPY Technical Levels
Price action reveals the pair retraces from session highs after reaching the strong resistance at 97.80. After last October 18th, the pair has been extending the downward channel printing lower highs despite several attempts of comeback. Bouncing from 96.97 2-week lows last week, the pair pulled off a rally that seems to end or potentially stall ahead of Wall Street’s closing. Offered at 97.61, the pair navigates between the supports aligned at 97.53 (October 18th lows), 97.15 (October 22nd lows) ahead of 96.81 (August 30th lows) and the resistances set at 97.71 (October 17th lows), 98 (October 18th highs) followed by 98.47 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis above the EMA20.
Market participants expect Japanese data towards the end of a journey that presents mixed data and performance in equity markets.
USD/JPY Technical Levels
Price action reveals the pair retraces from session highs after reaching the strong resistance at 97.80. After last October 18th, the pair has been extending the downward channel printing lower highs despite several attempts of comeback. Bouncing from 96.97 2-week lows last week, the pair pulled off a rally that seems to end or potentially stall ahead of Wall Street’s closing. Offered at 97.61, the pair navigates between the supports aligned at 97.53 (October 18th lows), 97.15 (October 22nd lows) ahead of 96.81 (August 30th lows) and the resistances set at 97.71 (October 17th lows), 98 (October 18th highs) followed by 98.47 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis above the EMA20.