23 Jul 2013
USD/JPY bottoms out at 99.20 region
FXstreet.com (New York) - The USD/JPY foreign exchange weakened Tuesday morning during Asian trading, recently bottoming out 99.23 (session low).
At the time of writing, the USD/JPY is now settling at 99.35, still down -0.29%, despite bouncing off its recent lows. Presently the USD/JPY is trading at calculated support at 99.37 (July 22 low), a break of which will open up supports at 99.18 (July 17 low), and 98.90 (July 16 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “If the 4 hour charts prove correct, there are good bids at 99.20 and below 99.00, the daily cloud should offer strong support at 98.75 which, if seen, may provide a good buying opportunity. On the topside, we need to get back above 100, where sellers will again be seen at minor descending trend resistance at 100.30 and then at 100.80 and 101.00, but which looks unlikely today.
At the time of writing, the USD/JPY is now settling at 99.35, still down -0.29%, despite bouncing off its recent lows. Presently the USD/JPY is trading at calculated support at 99.37 (July 22 low), a break of which will open up supports at 99.18 (July 17 low), and 98.90 (July 16 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “If the 4 hour charts prove correct, there are good bids at 99.20 and below 99.00, the daily cloud should offer strong support at 98.75 which, if seen, may provide a good buying opportunity. On the topside, we need to get back above 100, where sellers will again be seen at minor descending trend resistance at 100.30 and then at 100.80 and 101.00, but which looks unlikely today.