6 Jun 2013
USD/JPY recovers the level of 99.24/25
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate grinded higher Thursday, despite a recent weekly pullback that has left the pair reeling.
“The USD/JPY has sold off its recent gains to the 98.79 6-month uptrend – this should ideally hold the initial test. Rebounds however, need to overcome the 101.23 resistance line in order to reassert upside pressure to the 103.74 recent high and this currently looks unlikely.” warns Karen Jones, an analyst at Commerzbank.
At the time of writing, the USD/JPY has edged higher to the 99.24/25 level, trading positively at +0.18% during the European session. Given the recent performance of the pair, Mataf.net analysts point to the next level of resistive correction for the USD/JPY at 100.21, then 101.13, and finally 101.81. On the decline, supportive structures will activate at 98.61, ahead of 97.93, and finally 97.01.
According to the Technical Analyst Team at ICN.com, “The USD/JPY pair clearly dropped in the recent period and is currently trading below 99.85. Linear Regression Indicators are negative as the pair is currently testing key support level of the ascending channel residing at 98.65 – 98.50. Moreover, the stochastic is showing oversold signals, but trading below 99.85 levels keeps the possibility of a downside move.”
“The USD/JPY has sold off its recent gains to the 98.79 6-month uptrend – this should ideally hold the initial test. Rebounds however, need to overcome the 101.23 resistance line in order to reassert upside pressure to the 103.74 recent high and this currently looks unlikely.” warns Karen Jones, an analyst at Commerzbank.
At the time of writing, the USD/JPY has edged higher to the 99.24/25 level, trading positively at +0.18% during the European session. Given the recent performance of the pair, Mataf.net analysts point to the next level of resistive correction for the USD/JPY at 100.21, then 101.13, and finally 101.81. On the decline, supportive structures will activate at 98.61, ahead of 97.93, and finally 97.01.
According to the Technical Analyst Team at ICN.com, “The USD/JPY pair clearly dropped in the recent period and is currently trading below 99.85. Linear Regression Indicators are negative as the pair is currently testing key support level of the ascending channel residing at 98.65 – 98.50. Moreover, the stochastic is showing oversold signals, but trading below 99.85 levels keeps the possibility of a downside move.”