24 Jul 2013
USD/JPY proving 99.50 as strong support
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 99.68. off recent session highs at 99.79, printed on the back of broad USD strength, following much weaker than expected HSBC Flash PMI China.
USD/JPY key support at 98.80
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY hourly chart shows “price below its moving averages, while indicators turn lower around their midlines. In the 4 hours chart technical readings also present a negative tone, with indicators retracing from their midlines and price capped below 100 SMA. 98.80 is still the key support to break before further selloff is seen in the pair.”
USD/JPY key technical levels
Bednarik spots support levels at: 99.20, 98.80 and 98.40, and resistance levels at: 99.90, 100.30 and 100.70.
USD/JPY key support at 98.80
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY hourly chart shows “price below its moving averages, while indicators turn lower around their midlines. In the 4 hours chart technical readings also present a negative tone, with indicators retracing from their midlines and price capped below 100 SMA. 98.80 is still the key support to break before further selloff is seen in the pair.”
USD/JPY key technical levels
Bednarik spots support levels at: 99.20, 98.80 and 98.40, and resistance levels at: 99.90, 100.30 and 100.70.