31 Oct 2013
USD/JPY violates support; heading to 98 front?
FXstreet.com (Chicago) - USD/JPY was gaining momentum until Tokyo’s opening when the yen strengthened to send the pair to a breakdown below immediate support at 98.47.
According to Valeria Bednarik, FXstreet.com analyst, “USD/JPY took one more step higher, breaking above its 100 DMA and holding above it as the dust begins to settle. The hourly chart shows 100 SMA quickly approaching 200 one, both below current price as indicators head north above their midlines, all of which supports further advances. In the 4 hours chart, the pair also presents a positive tone, although in the daily chart maintains a quite neutral stance. A long term descendant trend line coming from this year high, stands around 99.20, offering strong resistance in case of more gains.”
USD/JPY Technical Levels
Technically speaking, the pair continues extending the bullish channel, breaking immediate resistance and consolidating above the 97.50 zone. Offered at 98.51, the pair oscillates between the supports aligned at 98.47 (October 22nd highs), 97.90 (October 22nd lows) followed by 97.74 (October 27th highs) and the resistances set at 98.69 (October 15th highs), 99 (October 16th highs) ahead of 99.36 (September 20th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and trades above the EMA20.
According to Valeria Bednarik, FXstreet.com analyst, “USD/JPY took one more step higher, breaking above its 100 DMA and holding above it as the dust begins to settle. The hourly chart shows 100 SMA quickly approaching 200 one, both below current price as indicators head north above their midlines, all of which supports further advances. In the 4 hours chart, the pair also presents a positive tone, although in the daily chart maintains a quite neutral stance. A long term descendant trend line coming from this year high, stands around 99.20, offering strong resistance in case of more gains.”
USD/JPY Technical Levels
Technically speaking, the pair continues extending the bullish channel, breaking immediate resistance and consolidating above the 97.50 zone. Offered at 98.51, the pair oscillates between the supports aligned at 98.47 (October 22nd highs), 97.90 (October 22nd lows) followed by 97.74 (October 27th highs) and the resistances set at 98.69 (October 15th highs), 99 (October 16th highs) ahead of 99.36 (September 20th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and trades above the EMA20.