25 Jul 2013
USD/JPY capped at break even for the week below 100.50
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 100.38. off recent session highs at 100.45, unable so far to step into positive territory for the week, despite current Yen weakness and USD strength following better than expected US new home sales data.
USD/JPY neutral stance in bigger time frames
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “The hourly chart shows price standing near the daily high of 100.43 and above moving averages, while indicators diverge some to the downside, correcting overbought readings. Bigger time frames however, present a more neutral technical stance, as price has been finding sellers between 100.30 and 100.70 since early this month, and buyers are still reluctant to add in full force.” The Nikkei index opens little changed above the 14700 points mark.
USD/JPY key technical levels
Bednarik spots support levels at: 99.90, 99.50 and 99.20, and resistance levels at: 100.30, 100.70 and 101.00.
USD/JPY neutral stance in bigger time frames
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “The hourly chart shows price standing near the daily high of 100.43 and above moving averages, while indicators diverge some to the downside, correcting overbought readings. Bigger time frames however, present a more neutral technical stance, as price has been finding sellers between 100.30 and 100.70 since early this month, and buyers are still reluctant to add in full force.” The Nikkei index opens little changed above the 14700 points mark.
USD/JPY key technical levels
Bednarik spots support levels at: 99.90, 99.50 and 99.20, and resistance levels at: 100.30, 100.70 and 101.00.