28 Oct 2013
USD/JPY consolidates near highs
FXstreet.com (Córdoba) - The USD/JPY consolidates modest gains at the 97.60 area, having left a bullish opening gap at the weekly opening, although it lacked follow through during the European session.
The USD/JPY reached a 5-day high of 97.72 but lost momentum and it settled in a narrow range where it has spent the last hours as investors await the next string of US data. At time of writing, USD/JPY is trading at 97.60, up 0.2% on the day.
USD/JPY technical outlook
"Minor reversal at 96.92 signals a corrective rebound for a test of the dynamic resistance at 97.85, where the bearish bias should prevail, initiating a slide for 96.56, en route to 95.75 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com.Intraday support can be spotted at 97.42.
The USD/JPY reached a 5-day high of 97.72 but lost momentum and it settled in a narrow range where it has spent the last hours as investors await the next string of US data. At time of writing, USD/JPY is trading at 97.60, up 0.2% on the day.
USD/JPY technical outlook
"Minor reversal at 96.92 signals a corrective rebound for a test of the dynamic resistance at 97.85, where the bearish bias should prevail, initiating a slide for 96.56, en route to 95.75 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com.Intraday support can be spotted at 97.42.