24 Oct 2013
USD/JPY, awfully sleepy on 97.20 pillow
FXstreet.com (Chicago) - USD/JPY traded sideways most of the journey, modeling yesterday’s lack of action despite data releases in both regions.
Data in the US
Job data in the US was mixed with initial jobless claims increasing contrary to continuing jobless claims. Manufacturing data disappointed. Perhaps data will continue to underperform expectations and the pair will remain bearish until next January.
USD/JPY Technical Levels
Extending the sideways movement, the pair trades at 97.27 navigating between the supports aligned at 97.20 (October 23rd lows), 96.81 (October 8th lows) followed by 96.39 (August 13th lows) and the resistances set at 97.54 (October 18th lows), 98 (October 15th lows) followed by 98.46 (October 22nd highs).
According to Valeraia Bednarik, analyst at FXstreet.com, “the USD/JPY has shown little progress over the past sessions, trading steadily around current 97.30 level. Technical readings in intraday charts present a pretty neutral stance giving no clues on short term upcoming movements, albeit price developing below bearish moving averages suggests the downside continues to be favored, with a break below 97.20 needed to confirm the bearish continuation.”
Data in the US
Job data in the US was mixed with initial jobless claims increasing contrary to continuing jobless claims. Manufacturing data disappointed. Perhaps data will continue to underperform expectations and the pair will remain bearish until next January.
USD/JPY Technical Levels
Extending the sideways movement, the pair trades at 97.27 navigating between the supports aligned at 97.20 (October 23rd lows), 96.81 (October 8th lows) followed by 96.39 (August 13th lows) and the resistances set at 97.54 (October 18th lows), 98 (October 15th lows) followed by 98.46 (October 22nd highs).
According to Valeraia Bednarik, analyst at FXstreet.com, “the USD/JPY has shown little progress over the past sessions, trading steadily around current 97.30 level. Technical readings in intraday charts present a pretty neutral stance giving no clues on short term upcoming movements, albeit price developing below bearish moving averages suggests the downside continues to be favored, with a break below 97.20 needed to confirm the bearish continuation.”