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10 Sep 2013
USD/JPY hitting a wall below 99.75
The USD/JPY foreign exchange rate is last trading at 99.68 off recent session highs at 99.75 after the Tokyo open with Nikkei index up almost +1% above the 14300 points, and the BoJ minutes released, along with Japan tertiary industry activity down -0.4% as expected.
USD/JPY downward potential increasing
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY is currently trading “down below its hourly 100 SMA, acting as dynamic resistance around 99.60. The hourly chart presents a neutral stance, as indicators are flat around their midlines, while in bigger time frames the downward potential increases as the 4 hours chart shows indicators in negative territory. The pair however may see some short term spike higher particularly if local share markets advance today.”
USD/JPY key technical levels
Bednarik finds support levels at: 99.30, 99.00 and 98.60, while resistance levels at: 99.70, 100.10 and 100.40.
USD/JPY downward potential increasing
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY is currently trading “down below its hourly 100 SMA, acting as dynamic resistance around 99.60. The hourly chart presents a neutral stance, as indicators are flat around their midlines, while in bigger time frames the downward potential increases as the 4 hours chart shows indicators in negative territory. The pair however may see some short term spike higher particularly if local share markets advance today.”
USD/JPY key technical levels
Bednarik finds support levels at: 99.30, 99.00 and 98.60, while resistance levels at: 99.70, 100.10 and 100.40.