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6 Aug 2013
USD/JPY opening up losses amidst broken support
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been held to a relatively narrow consolidation above 98.00, despite the recent IMF report pressuring Japan today.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Although the indicators do remain mildly negative, if we can get below 98.00, then expect a run towards good bids at 97.75 and then at 97.58 which coincides with the base of the daily cloud and the 100-day MA. I would be a little surprised to see the dollar trade below here ahead of Thursday’s BOJ meeting, but there is not a lot to support it under here and the next port of call would most likely be 96.72 (61.8% of 93.78/101.52).”
USD/JPY technical levels
In these moments, the USD/JPY has settled at 98.14, presently operating at a rate of -0.15% at the Tokyo opening as it establishes fresh lows. Briefing the technical levels, the USD/JPY has broken support at 98.29 (August 5 low), and now looks poised to test 97.95 (July 26 low), and 97.68 (July 29 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Although the indicators do remain mildly negative, if we can get below 98.00, then expect a run towards good bids at 97.75 and then at 97.58 which coincides with the base of the daily cloud and the 100-day MA. I would be a little surprised to see the dollar trade below here ahead of Thursday’s BOJ meeting, but there is not a lot to support it under here and the next port of call would most likely be 96.72 (61.8% of 93.78/101.52).”
USD/JPY technical levels
In these moments, the USD/JPY has settled at 98.14, presently operating at a rate of -0.15% at the Tokyo opening as it establishes fresh lows. Briefing the technical levels, the USD/JPY has broken support at 98.29 (August 5 low), and now looks poised to test 97.95 (July 26 low), and 97.68 (July 29 low).