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5 Aug 2013
USD/JPY stable below 99.00
FXstreet.com (New York) - The USD/JPY foreign exchange rate has lacked the impetus needed to stabilize above the 99.00 level this morning during Asian trading.
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 98.91, incurring a marginal loss of -0.02% in these moments. On the downside, the pair remains insulated by supports at 98.74 (August 2 low), ahead of 98.42 (July 3 high). On the ascension, the USD/JPY faces resistances into 99.03 (July 25 low), followed by 99.13 (55-day MA), 99.23 (July 23 low), and 99.40 (July 24 low),
According to Jim Langlands at FX Charts, “From a technical point of view, the triangle formation seen in the USD/JPY last week remains intact. While I think that the downside might be the way for the USD in the coming week, stops on existing shorts should be placed just above the top of the triangle at around 100.25. If the dollar got back up here, then we would see a run towards 100.44 and potentially up to around 101.00.”
USD/JPY strategic bias
Technically speaking, the USD/JPY is now trading at 98.91, incurring a marginal loss of -0.02% in these moments. On the downside, the pair remains insulated by supports at 98.74 (August 2 low), ahead of 98.42 (July 3 high). On the ascension, the USD/JPY faces resistances into 99.03 (July 25 low), followed by 99.13 (55-day MA), 99.23 (July 23 low), and 99.40 (July 24 low),
According to Jim Langlands at FX Charts, “From a technical point of view, the triangle formation seen in the USD/JPY last week remains intact. While I think that the downside might be the way for the USD in the coming week, stops on existing shorts should be placed just above the top of the triangle at around 100.25. If the dollar got back up here, then we would see a run towards 100.44 and potentially up to around 101.00.”