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5 Jun 2013
USD/JPY upside capped at 99.90
FXstreet.com (Barcelona) - A USD/JPY upside attempt was capped at the 99.90 region earlier, which turned lower again, exacerbating the bleeding during European trading.
At the time of writing, the pair has now moved back to 99.76/78, still entrenched in negative territory down -0.32% Wednesday. The Mataf.net analyst team has calculated the next short-term supportive measures for the USD/JPY at 99.58, ahead of 98.93 and 98.52. On the ascension, the pair will encounter resistance at 100.66, then 101.08, and finally 101.74.
According to the Technical Analyst Team at ICN.com, “We notice that a descending channel has dominated the USD/JPY’s trading since the top formation around 103.7 and is now stable below 99.85, suggesting extending bearishness in a new attempt to test key support level of the overall ascending channel. Meanwhile, the stochastic supports the negative expectations as trading below 100.40 will be considered negative today.”
At the time of writing, the pair has now moved back to 99.76/78, still entrenched in negative territory down -0.32% Wednesday. The Mataf.net analyst team has calculated the next short-term supportive measures for the USD/JPY at 99.58, ahead of 98.93 and 98.52. On the ascension, the pair will encounter resistance at 100.66, then 101.08, and finally 101.74.
According to the Technical Analyst Team at ICN.com, “We notice that a descending channel has dominated the USD/JPY’s trading since the top formation around 103.7 and is now stable below 99.85, suggesting extending bearishness in a new attempt to test key support level of the overall ascending channel. Meanwhile, the stochastic supports the negative expectations as trading below 100.40 will be considered negative today.”