8 Aug 2013
USD/JPY back above 96.00
FXstreet.com (Chicago) - USD/JPY reemerged from 95.80 zone after hitting 6-week lows.
Price action revealed a greenback that struggled against the yen on release of disappointing US job market data earlier today. The FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis with 0.02% gains within the last hour but yet far to recover losses as they accounted to 0.08% for the day and 2.67% for the week. On the downside, supports were set at 96.10 (August 7th lows), 95.78 (June 29th highs) followed by 95.58 (June 13th highs) and resistances were set at 96.46 (June 9th lows), 96.66 (June 6th highs) ahead of 96.88 (June 21st lows) as the pair traded at 96.37.
The ICN technical analysis team reported the pair heading to the downside on the short term basis: “The dollar is incapable of reversing the losses against the yen after the pair breached 61.8% correction at 96.75. Trading below the mentioned level is considered negative especially with the Linear Regression Indicator 34 covering the pair’s movement from above and supports the extension of the downside move.”
Price action revealed a greenback that struggled against the yen on release of disappointing US job market data earlier today. The FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis with 0.02% gains within the last hour but yet far to recover losses as they accounted to 0.08% for the day and 2.67% for the week. On the downside, supports were set at 96.10 (August 7th lows), 95.78 (June 29th highs) followed by 95.58 (June 13th highs) and resistances were set at 96.46 (June 9th lows), 96.66 (June 6th highs) ahead of 96.88 (June 21st lows) as the pair traded at 96.37.
The ICN technical analysis team reported the pair heading to the downside on the short term basis: “The dollar is incapable of reversing the losses against the yen after the pair breached 61.8% correction at 96.75. Trading below the mentioned level is considered negative especially with the Linear Regression Indicator 34 covering the pair’s movement from above and supports the extension of the downside move.”