25 Sep 2013
USD/JPY consolidates 98.50 front
FXstreet.com (Chicago) - USD/JPY seems to find grounds after retracement from 98.80 zone. In the afternoon of the American trading session, the pair consolidates above the 98.50 zone.
Data recap
Earlier in the US, durable goods results beat expectations to reach 0.1% vs. estimates at 0%. New home sales increased to 0.421M vs. past 0.390M and the EIA crude oil stocks change increased to 2.635M vs. past -4.368M. In Japan, the Nikkei 225 closed with 0.76% losses prior to tankan results next week.
USD/JPY Technical Levels
Price action reveals the extension of a bearish channel that originated last September 19th. The pair continues printing lower highs and navigates around the 61.8% Fibonacci level pullback. The pair continues on downward trend and is offered at 98.53 to oscillate between supports aligned at 98.45 (September 24th lows), 98.16 (August 18th highs) followed by 97.76 (August 17th highs) and resistances set at 98.77 (September 16th lows), 99 (September 12th lows) ahead of 99.32 (September 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains below the EMA20.
Data recap
Earlier in the US, durable goods results beat expectations to reach 0.1% vs. estimates at 0%. New home sales increased to 0.421M vs. past 0.390M and the EIA crude oil stocks change increased to 2.635M vs. past -4.368M. In Japan, the Nikkei 225 closed with 0.76% losses prior to tankan results next week.
USD/JPY Technical Levels
Price action reveals the extension of a bearish channel that originated last September 19th. The pair continues printing lower highs and navigates around the 61.8% Fibonacci level pullback. The pair continues on downward trend and is offered at 98.53 to oscillate between supports aligned at 98.45 (September 24th lows), 98.16 (August 18th highs) followed by 97.76 (August 17th highs) and resistances set at 98.77 (September 16th lows), 99 (September 12th lows) ahead of 99.32 (September 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains below the EMA20.