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23 Sep 2013
USD/JPY bracing for takeoff?
FXstreet.com (Chicago) - USD/JPY has declined 0.17% within the past few hours ahead of US manufacturing data and on Japanese holiday.
Price action reveals the pair fell to 99.08 session lows but managed to form an apparent rebound above the 99.10 zone. The pair continues trading on bearish channel after falling throughout last end of week despite an impressive recovery rally after the FOMC and Fed’s results. Offered at 99.15, the pair oscillates between supports aligned at 99 (September 17th lows), 98.73 (September 15th lows) followed by 98.45 (September 13th lows) and resistances set at 99.32 (September 17th highs), 99.64 (September 19th highs) ahead of 100 (September 13th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and remains below the EMA20.
Price action reveals the pair fell to 99.08 session lows but managed to form an apparent rebound above the 99.10 zone. The pair continues trading on bearish channel after falling throughout last end of week despite an impressive recovery rally after the FOMC and Fed’s results. Offered at 99.15, the pair oscillates between supports aligned at 99 (September 17th lows), 98.73 (September 15th lows) followed by 98.45 (September 13th lows) and resistances set at 99.32 (September 17th highs), 99.64 (September 19th highs) ahead of 100 (September 13th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and remains below the EMA20.