7 Aug 2013
USD/JPY bounces off lows amidst recovery attempt
FXstreet.com (New York) - The USD/JPY foreign exchange rate took a tumble towards session lows of 97.10 Wednesday morning, having now reversed higher during Asian trading.
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly USD/JPY chart shows indicators heading lower in negative territory, and moving averages currently offering resistance 100 pips above current price. The daily chart shows price accelerating below its 100-day SMA, currently around 98.60 and key resistance level: as long as below the level, bears will keep control of the pair.”
USD/JPY technical levels
The USD/JPY is now trading at just 97.39 at the time of writing, opening up losses of -0.36% off its opening thus far. Briefing the technicals, the USD/JPY already broke through support at 97.58 (July 31 low), and is now operating at support at 97.35 (June 26 low), a break of which will lead to 97.06 (June 25 low).
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly USD/JPY chart shows indicators heading lower in negative territory, and moving averages currently offering resistance 100 pips above current price. The daily chart shows price accelerating below its 100-day SMA, currently around 98.60 and key resistance level: as long as below the level, bears will keep control of the pair.”
USD/JPY technical levels
The USD/JPY is now trading at just 97.39 at the time of writing, opening up losses of -0.36% off its opening thus far. Briefing the technicals, the USD/JPY already broke through support at 97.58 (July 31 low), and is now operating at support at 97.35 (June 26 low), a break of which will lead to 97.06 (June 25 low).