29 Aug 2013
USD/JPY sailing to fresh intraday highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate has continued its relentless advance higher Thursday, as the USD is now chugging along during US trading.
At this juncture, the USD/JPY is now notching fresh highs at 98.52 Thursday, en route to a robust advance of +0.81% above its opening. Briefing the technicals, the USD/JPY remains capped by resistances at 98.55, onto 99.22, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved to the upside but is still trading within the descending channel as shown on graph. The pair is also trading below 38.2% correction at 98.60. Therefore, the possibility of a downside move is still valid unless the pair breaches levels 98.60 and stabilize above it. Of note, the stochastic is residing in overbought areas.”
At this juncture, the USD/JPY is now notching fresh highs at 98.52 Thursday, en route to a robust advance of +0.81% above its opening. Briefing the technicals, the USD/JPY remains capped by resistances at 98.55, onto 99.22, calculates the Mataf.net analyst team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY moved to the upside but is still trading within the descending channel as shown on graph. The pair is also trading below 38.2% correction at 98.60. Therefore, the possibility of a downside move is still valid unless the pair breaches levels 98.60 and stabilize above it. Of note, the stochastic is residing in overbought areas.”