26 Nov 2013
USD/JPY holds above key support
FXstreet.com (Córdoba) - After rallying to a 6-month high of 101.91, the USD/JPY lost momentum and entered a corrective phase amid lower US yields.
However, with the pullback contained by the 101.35 zone, the pair was confined to a slim range where it has spent most of the day ahead of US housing data, consumer confidence and the Richmond Fed manufacturing index. At time of writing, the USD/JPY is trading at 101.40, 0.3% below its opening price.
USD/JPY technical outlook
"Although 101.35 support zone is still intact, I expect a break through that area to initiate a slide for 100.42 major hurdle", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial minor resistance is projected at 101.60".
However, with the pullback contained by the 101.35 zone, the pair was confined to a slim range where it has spent most of the day ahead of US housing data, consumer confidence and the Richmond Fed manufacturing index. At time of writing, the USD/JPY is trading at 101.40, 0.3% below its opening price.
USD/JPY technical outlook
"Although 101.35 support zone is still intact, I expect a break through that area to initiate a slide for 100.42 major hurdle", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial minor resistance is projected at 101.60".