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15 Aug 2013
USD/JPY unstable below 98.00?
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been entrenched in negative territory Thursday, careening off a ledge and tumbling below the 98.00 region during US trading.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “On the topside, above 98.40, the 200-day MA lies at 98.68. A sustained move above here would see a move towards 99.00 and eventually 100.00. There are plenty of sellers lined up at the higher levels and I would really be quite surprised to see the dollar trade much above the 200-day MA today. On the downside, 97.90 is the immediate support. Below this further bids are likely at 97.75 and then 97.50. I would be surprised to see it back down here either, but if wrong, further bids should be found at 97.20.”
USD/JPY technical levels
The USD/JPY has recovered the mark of 97.88 in these moments, after touching the 97.59 level earlier (session low). At this juncture, the pair is incurring a loss of -0.26% off its opening during US trading. Technically speaking, the USD/JPY will face support at 97.64, ahead of 97.37, and 96.98.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “On the topside, above 98.40, the 200-day MA lies at 98.68. A sustained move above here would see a move towards 99.00 and eventually 100.00. There are plenty of sellers lined up at the higher levels and I would really be quite surprised to see the dollar trade much above the 200-day MA today. On the downside, 97.90 is the immediate support. Below this further bids are likely at 97.75 and then 97.50. I would be surprised to see it back down here either, but if wrong, further bids should be found at 97.20.”
USD/JPY technical levels
The USD/JPY has recovered the mark of 97.88 in these moments, after touching the 97.59 level earlier (session low). At this juncture, the pair is incurring a loss of -0.26% off its opening during US trading. Technically speaking, the USD/JPY will face support at 97.64, ahead of 97.37, and 96.98.