8 Aug 2013
USD/JPY creeps back into positive territory
FXstreet.com (New York) - The USD/JPY foreign exchange rate crept back into positive territory Thursday, fully recovering after its earlier debacle at 95.81 (intraday low).
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Despite the recent recovery, the USD has proved largely incapable of reversing its weekly losses against the JPY once 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.”
USD/JPY technical levels
At the time of writing, the USD/JPY is now operating at 96.47, having now notched moved to +0.11% above its opening – a far cry from earlier depths. Technically speaking, the USD/JPY remains insulated by support at 96.15, ahead of 95.68, which should effectively control drops in the near-term.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Despite the recent recovery, the USD has proved largely incapable of reversing its weekly losses against the JPY once 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.”
USD/JPY technical levels
At the time of writing, the USD/JPY is now operating at 96.47, having now notched moved to +0.11% above its opening – a far cry from earlier depths. Technically speaking, the USD/JPY remains insulated by support at 96.15, ahead of 95.68, which should effectively control drops in the near-term.