1 Aug 2013
USD/JPY cannot shake negativity, buried at 97.75 region
FXstreet.com (New York) - The USD/JPY foreign exchange has slightly risen off its lows at 97.65 Thursday morning, rising ahead of Chinese PMI (1:00 GMT) which is certainly capable of influencing the pair.
USD/JPY technical bias
The USD/JPY is presently operating at the 97.74 level at the time of writing, incurring a decline of -0.14% off its opening during Asian trading. Briefing the technicals, any fall will be fortified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Although currently holding on to technical support at 97.55 (the base of the daily Cloud and 50% pivot of 93.78/101.52), a break lower would see a run lower towards Fibo support at 97.38 (23.6% of 77.10/103.73) and a break of the rising trend support, now at 97.10, would see a run towards the weekly Kijun Sen at 96.88. If we go under this, we could see a greater acceleration to the downside, as I cannot see a great deal to hold the dollar up, until the rising trend support, currently at 94.40.”
USD/JPY technical bias
The USD/JPY is presently operating at the 97.74 level at the time of writing, incurring a decline of -0.14% off its opening during Asian trading. Briefing the technicals, any fall will be fortified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Although currently holding on to technical support at 97.55 (the base of the daily Cloud and 50% pivot of 93.78/101.52), a break lower would see a run lower towards Fibo support at 97.38 (23.6% of 77.10/103.73) and a break of the rising trend support, now at 97.10, would see a run towards the weekly Kijun Sen at 96.88. If we go under this, we could see a greater acceleration to the downside, as I cannot see a great deal to hold the dollar up, until the rising trend support, currently at 94.40.”