Back
18 Oct 2013
USD/JPY glued to immediate support at 97.87
FXstreet.com (Chicago) - USD/JPY extends the bearish channel despite bounce off lows. The pair continues glued to immediate support unable to cross over the 98 front again in the afternoon of the American trading session.
Corrupted data?
According to some analysts, the incoming US data may be corrupted with 2-week delays and misperceptions of real results in the economy. Valeria Bednarik, analyst from FXstreet.com, states “Still speculative, the loss of government services during the shutdown will take a roughly $3.1 billion bite out of the country GDP according to some economists, while Standard & Poor's estimates the total cost at about $24 billion. So, how can we gauge let’s say, the importance of an improved payroll these days?”
USD/JPY Technical Levels
Price action reveals a pair that pulls off a bounce after hitting 97.56 session lows. Extending the downward trendline from three days ago, the pair is attempting to drift away from the 97.83 immediate supports. Offered at 97.88, the pair oscillates between supports aligned at 97.83 (October 3rd highs), 97.47 (October 9th highs) ahead of 96.93 (October 3rd lows) and the resistances set at 98.34 (October 1st highs), 98.73 (October 15th highs) followed by 99.16 (September 24th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.
Corrupted data?
According to some analysts, the incoming US data may be corrupted with 2-week delays and misperceptions of real results in the economy. Valeria Bednarik, analyst from FXstreet.com, states “Still speculative, the loss of government services during the shutdown will take a roughly $3.1 billion bite out of the country GDP according to some economists, while Standard & Poor's estimates the total cost at about $24 billion. So, how can we gauge let’s say, the importance of an improved payroll these days?”
USD/JPY Technical Levels
Price action reveals a pair that pulls off a bounce after hitting 97.56 session lows. Extending the downward trendline from three days ago, the pair is attempting to drift away from the 97.83 immediate supports. Offered at 97.88, the pair oscillates between supports aligned at 97.83 (October 3rd highs), 97.47 (October 9th highs) ahead of 96.93 (October 3rd lows) and the resistances set at 98.34 (October 1st highs), 98.73 (October 15th highs) followed by 99.16 (September 24th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.