29 Oct 2013
USD/JPY erases daily losses
FXstreet.com (Córdoba) - After falling to a daily low of 97.45, the USD/JPY found support at the 100-hour SMA and managed to erase daily losses during the European session.
The greenback trades a touch firmer Tuesday as investors adjust positions ahead of the Fed monetary policy decision to be published Wednesday. Intraday speaking, the USD/JPY bounced from a low of 97.45 and rose back to the 97.65 zone, where it is trading at time of writing, virtually unchanged since opening, with immediate resistance at the 97.74/79 region (200-hour SMA/Oct 28 high).
USD/JPY technical perspective
From a technical perspective, "There is a minor reversal at 97.78 high, few pips below the dynamic resistance at 97.85, but there is still a need of a break through 97.17 in order to provoke a slide towards 95.75", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 97.85, followed by 98.47".
The greenback trades a touch firmer Tuesday as investors adjust positions ahead of the Fed monetary policy decision to be published Wednesday. Intraday speaking, the USD/JPY bounced from a low of 97.45 and rose back to the 97.65 zone, where it is trading at time of writing, virtually unchanged since opening, with immediate resistance at the 97.74/79 region (200-hour SMA/Oct 28 high).
USD/JPY technical perspective
From a technical perspective, "There is a minor reversal at 97.78 high, few pips below the dynamic resistance at 97.85, but there is still a need of a break through 97.17 in order to provoke a slide towards 95.75", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 97.85, followed by 98.47".