9 Aug 2013
USD/JPY unable to pierce 97.00
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been unable to breakout above the 97.00 barrier thus far during Asian trading Friday, instead hovering slightly above its opening.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Momentum points sharply lower on all time horizons, although the shorter term charts are becoming a little oversold, so we may see some consolidation or even a bit of a squeeze higher. This would only appear to offer better selling opportunities as the dollar heads towards the next meaningful support at 95.60 (76.4% of 93.78/101.52) and then to the rising trend support at 94.70.”
Technically speaking, the USD/JPY is now operating at 96.82, notching a marginal gain of +0.01%. At this juncture, the pair remains situated above support at 96.66 (200-day SMA), ahead of 96.46 (55-day MA), and 96.34 (50-day SMA). On the ascension, the pair will meet resistance at 96.86 (August 8 high), onto 97.07 (June 25 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Momentum points sharply lower on all time horizons, although the shorter term charts are becoming a little oversold, so we may see some consolidation or even a bit of a squeeze higher. This would only appear to offer better selling opportunities as the dollar heads towards the next meaningful support at 95.60 (76.4% of 93.78/101.52) and then to the rising trend support at 94.70.”
Technically speaking, the USD/JPY is now operating at 96.82, notching a marginal gain of +0.01%. At this juncture, the pair remains situated above support at 96.66 (200-day SMA), ahead of 96.46 (55-day MA), and 96.34 (50-day SMA). On the ascension, the pair will meet resistance at 96.86 (August 8 high), onto 97.07 (June 25 low).