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26 Aug 2013
USD/JPY contained below big 99.00 level
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 98.62, off recent session lows at 98.52 printed at the early open of the week in the Asia-Pacific, ahead of Japan Corporate Services Price Index (CSPI) y/y at 23:50 GMT.
USD/JPY unable to sustain gains
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY closed past week “with some modest gains, posting its second positive week in a row, but with 100.00 looking far, far away. Friday’s high of 99.14 resulted 10 pips shy of the daily descendant trend line coming from May high of 103.72, while the pair was also unable to sustain gains above its 100 DMA today around 98.90. As for the technical picture, the daily chart shows past two week upward tone was not enough to put indicators in the bullish path, as momentum remains below its 100 level.”
USD/JPY key technical levels
Bednarick finds support levels at: 98.40, 98.10 and 97.70, while resistance levels at: 98.85, 99.20 and 99.60.
USD/JPY unable to sustain gains
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY closed past week “with some modest gains, posting its second positive week in a row, but with 100.00 looking far, far away. Friday’s high of 99.14 resulted 10 pips shy of the daily descendant trend line coming from May high of 103.72, while the pair was also unable to sustain gains above its 100 DMA today around 98.90. As for the technical picture, the daily chart shows past two week upward tone was not enough to put indicators in the bullish path, as momentum remains below its 100 level.”
USD/JPY key technical levels
Bednarick finds support levels at: 98.40, 98.10 and 97.70, while resistance levels at: 98.85, 99.20 and 99.60.