7 Aug 2013
USD/JPY breaks through 97.00, room to fall ahead of BoJ?
FXstreet.com (New York) - The USD/JPY technical pair though a second round of weakness Wednesday, tumbling off the 97.30 region down below the 97.00 barrier during US trading.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has eroded the base of its cloud, Fibo support and last weeks lows at 97.65/585. The market is under pressure and likely to slide back to 96.72/95.40 en route to the 94.63 support line. It is vulnerable to further losses. The cloud at 98.30/75 should offer good near term resistance..”
USD/JPY technical levels
At the time of writing, the USD/JPY is presently operating at 96.85 Wednesday, falling at a rate of -0.90% off its opening. With the BoJ Interest rate decision at 03:00 GMT tomorrow morning, there may be scope for the pair to fall. Technically speaking, the USD/JPY ruptured support already at 97.05, and remains fortified by supports at 96.75, ahead of 96.55.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has eroded the base of its cloud, Fibo support and last weeks lows at 97.65/585. The market is under pressure and likely to slide back to 96.72/95.40 en route to the 94.63 support line. It is vulnerable to further losses. The cloud at 98.30/75 should offer good near term resistance..”
USD/JPY technical levels
At the time of writing, the USD/JPY is presently operating at 96.85 Wednesday, falling at a rate of -0.90% off its opening. With the BoJ Interest rate decision at 03:00 GMT tomorrow morning, there may be scope for the pair to fall. Technically speaking, the USD/JPY ruptured support already at 97.05, and remains fortified by supports at 96.75, ahead of 96.55.