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1 Mar 2013
Forex: USD/JPY pares overnight losses to trade at 92.63/65
After bottoming out in the 92.44 region today (session low), the pair has crept higher Friday, paring losses from the overnight session to cross into the positive threshold during European trading. In these moments, the pair has settled in the area of 92.63/65.
“The USD/JPY is gradually extending the upside move, though is still limited below the previously broken support level, which was the support of the ascending channel that turned now to resistance. Trading below the 93.35 level keeps the possibility of the bearish move valid, as we see the stochastic showing a negative cross with a tendency to the downside.” warns the ICN.com Technical Analyst Team.
At the time of writing, the USD/JPY is recording modest gains of +0.10% Friday. ICN.com analysts cite the next resistance levels at 92.70, onto 93.10, and ultimately 93.35. Conversely, a movement into negative territory down to the 92.50 region will initiate supports at 92.05 ahead of 91.65.
“The USD/JPY is gradually extending the upside move, though is still limited below the previously broken support level, which was the support of the ascending channel that turned now to resistance. Trading below the 93.35 level keeps the possibility of the bearish move valid, as we see the stochastic showing a negative cross with a tendency to the downside.” warns the ICN.com Technical Analyst Team.
At the time of writing, the USD/JPY is recording modest gains of +0.10% Friday. ICN.com analysts cite the next resistance levels at 92.70, onto 93.10, and ultimately 93.35. Conversely, a movement into negative territory down to the 92.50 region will initiate supports at 92.05 ahead of 91.65.