11 Nov 2013
USD/JPY dips below 99.00
FXstreet.com (Chicago) - USD/JPY lost the 99.00 front momentarily falling to 98.98 session lows after retracing from the 99.25 zone.
Perspective
According to Valeria Bednarik, analyst at FXstreet.com, “the USD/JPY had been pretty wild lately, although positive US employment figures along with optimism among stocks despite the possibility of QE tapering due to that same employment data, suggests there’s room for a test of key 100.00 figure. The hourly chart shows price above moving averages an indicators exhausted in overbought territory, while the 4 hours chart presents a strong upward momentum, supporting the shorter term outlook. In the daily chart, current daily candle opened firm above 100 DMA, now around 98.50 although some price acceleration above 99.40 is now required to confirm the advance.” Data in Japan evidenced a better result compared to the previous one with the trade balance at -874.8B vs. past 885.9B.
USD/JPY Technical Levels
Technically speaking, the pair is offered at 99.04 and oscillates between the supports aligned at 99 (October 17th highs), 98.69 (October 30th highs), 98.38 (October 22nd highs) and the resistances aligned at 99.36 (November 7th highs), 99.82 (September 16th highs), 100 (key psychological level). According to the FXstreet.com trend index, the pair is slightly bullish and flows above the EMA20.
Perspective
According to Valeria Bednarik, analyst at FXstreet.com, “the USD/JPY had been pretty wild lately, although positive US employment figures along with optimism among stocks despite the possibility of QE tapering due to that same employment data, suggests there’s room for a test of key 100.00 figure. The hourly chart shows price above moving averages an indicators exhausted in overbought territory, while the 4 hours chart presents a strong upward momentum, supporting the shorter term outlook. In the daily chart, current daily candle opened firm above 100 DMA, now around 98.50 although some price acceleration above 99.40 is now required to confirm the advance.” Data in Japan evidenced a better result compared to the previous one with the trade balance at -874.8B vs. past 885.9B.
USD/JPY Technical Levels
Technically speaking, the pair is offered at 99.04 and oscillates between the supports aligned at 99 (October 17th highs), 98.69 (October 30th highs), 98.38 (October 22nd highs) and the resistances aligned at 99.36 (November 7th highs), 99.82 (September 16th highs), 100 (key psychological level). According to the FXstreet.com trend index, the pair is slightly bullish and flows above the EMA20.