20 Aug 2013
USD/JPY regains 97.00 region, though downside looms
FXstreet.com (New York) - The USD/JPY foreign exchange rate regained the 97.00 region Tuesday, following a plunge towards 96.91 earlier (session low), though the pair remains highly unstable.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Despite the weak trading, the USD/JPY tends to the downside as shown on an emerging candle. The possibility of extending bearishness is valid in the U.S. session, but the pair has to break 61.8% correction at 96.70 to push the pair further to the downside.”
USD/JPY technical levels
The USD/JPY has now recovered the 97.28 mark during US trading, still entrenched in negative territory and down -0.31% off its opening. Technically speaking, the USD/JPY will face support should a topple retest 97.19, ahead of 96.98, and finally 96.88.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Despite the weak trading, the USD/JPY tends to the downside as shown on an emerging candle. The possibility of extending bearishness is valid in the U.S. session, but the pair has to break 61.8% correction at 96.70 to push the pair further to the downside.”
USD/JPY technical levels
The USD/JPY has now recovered the 97.28 mark during US trading, still entrenched in negative territory and down -0.31% off its opening. Technically speaking, the USD/JPY will face support should a topple retest 97.19, ahead of 96.98, and finally 96.88.