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12 Aug 2013
USD/JPY showing signs of bottoming out?
FXstreet.com (New York) - The USD/JPY foreign exchange rate promptly bounced off its earlier lows at 95.93, having now moved higher during the afternoon of US trading.
Presently, the USD/JPY is safely operating in positive territory, now stabilized healthily above the 96.00 region and residing at 96.57. At this juncture, the pair is trading notching an advance of +0.24% - technically speaking, resistances will attempt to confine the pair at 96.64, onto 96.81, and 96.98, notes the Danske Research Team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY has moved mildly upwards touching the suggested entry point at 96.70. Our scenario is now valid, while trading remains choppy below the pivotal resistance of 97.00. Trading below Ribbons lines within the descending channel may bring the bearish picture back into focus. Of note, clearing 96.00 levels will conform and accelerate.”
Presently, the USD/JPY is safely operating in positive territory, now stabilized healthily above the 96.00 region and residing at 96.57. At this juncture, the pair is trading notching an advance of +0.24% - technically speaking, resistances will attempt to confine the pair at 96.64, onto 96.81, and 96.98, notes the Danske Research Team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY has moved mildly upwards touching the suggested entry point at 96.70. Our scenario is now valid, while trading remains choppy below the pivotal resistance of 97.00. Trading below Ribbons lines within the descending channel may bring the bearish picture back into focus. Of note, clearing 96.00 levels will conform and accelerate.”