10 Jul 2013
USD/JPY collapses below 100.00 on dovish Fed comments
FXstreet.com (New York) - The USD/JPY technical pair experienced another plunge Thursday morning during Asian trading, sparked by dovishness from Bernanke.
USD/JPY strategic bias
At the time of writing, the USD/JPY is operating a robust loss of -1.59%, having fallen to a daily low of 99.52. Immediate support lies at 99.40 (previous supports at 100.05 and 99.80 were recently broken).
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY bounced strongly up after an initial slide towards 99.60, trading back above 100.00 although its presently below it’s 200-day SMA in the hourly chart. The pair maintains a bearish tone since the day started, with 100-day SMA currently around 100.70 and indicators holding in negative territory. Ultimately, as long as below mentioned resistance, the downside continues to be favored with renewed selling interest below 99.80, 61.8% retracement of its latest daily fall, signaling a probable retest of 98.80 price zone.”
USD/JPY strategic bias
At the time of writing, the USD/JPY is operating a robust loss of -1.59%, having fallen to a daily low of 99.52. Immediate support lies at 99.40 (previous supports at 100.05 and 99.80 were recently broken).
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY bounced strongly up after an initial slide towards 99.60, trading back above 100.00 although its presently below it’s 200-day SMA in the hourly chart. The pair maintains a bearish tone since the day started, with 100-day SMA currently around 100.70 and indicators holding in negative territory. Ultimately, as long as below mentioned resistance, the downside continues to be favored with renewed selling interest below 99.80, 61.8% retracement of its latest daily fall, signaling a probable retest of 98.80 price zone.”