10 Oct 2013
USD/JPY retracing from 97.70 peaks
FXstreet.com (Chicago) - USD/JPY was able to touch the 97.70 skies but retraced below the zone ahead of more Japanese data and job market data in the US.
Data
Price action reveals a pair that extends yesterday’s upward trendline with two spikes now: session highs yesterday and session highs today. On medium term analysis the pair points down with primary and secondary trends but the short-term charts, notably daily and 4HR charts, indicate the pair is gaining strength. On earlier data, bank lending in Japan was 2% vs. past 1.5% while machinery orders surprised positively at 10.3% vs. past 6.5% and estimates at 8.5%. In the US, the shutdown continues.
USD/JPY Technical Levels
Technically speaking, the pair is offered at 97.63 and oscillates between supports aligned at 97.44 (October 3rd highs), 96.92 (October 9th highs) ahead of 96.41 (October 3rd lows) and the resistances set at 97.83 (October 4th highs), 98.34 (September 30th highs) followed by 98.73 (September 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Data
Price action reveals a pair that extends yesterday’s upward trendline with two spikes now: session highs yesterday and session highs today. On medium term analysis the pair points down with primary and secondary trends but the short-term charts, notably daily and 4HR charts, indicate the pair is gaining strength. On earlier data, bank lending in Japan was 2% vs. past 1.5% while machinery orders surprised positively at 10.3% vs. past 6.5% and estimates at 8.5%. In the US, the shutdown continues.
USD/JPY Technical Levels
Technically speaking, the pair is offered at 97.63 and oscillates between supports aligned at 97.44 (October 3rd highs), 96.92 (October 9th highs) ahead of 96.41 (October 3rd lows) and the resistances set at 97.83 (October 4th highs), 98.34 (September 30th highs) followed by 98.73 (September 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.