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31 Oct 2013
USD/JPY recovering losses?
FXstreet.com (Chicago) - USD/JPY accumulates over 100 pips lost this week as economic results did not favor the perception of the US economy and USD prospects and the Fed’s decision not to taper, maintaining a $40 billion dollar program, allow speculations about when the economy will finally take off.
USD/JPY Technical Levels
Price action suggests bullish momentum as the pair was able to pull off a rebound from 98 lows. Consolidating reversal after a gradual decline on bearish channel from 98.70 highs, the pair erases partial losses and drifts away from the 23.6% Fibonacci level. Offered at 98.35, the pair oscillates between the supports aligned at 98 (October 30th lows), 97.70 (October 28th highs) ahead of 97.23 (October 23rd lows) and the resistances aligned at 98.47 (October 22nd highs), 98.70 (October 30th highs) followed by 99 (October 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis flowing above the EMA20.
USD/JPY Technical Levels
Price action suggests bullish momentum as the pair was able to pull off a rebound from 98 lows. Consolidating reversal after a gradual decline on bearish channel from 98.70 highs, the pair erases partial losses and drifts away from the 23.6% Fibonacci level. Offered at 98.35, the pair oscillates between the supports aligned at 98 (October 30th lows), 97.70 (October 28th highs) ahead of 97.23 (October 23rd lows) and the resistances aligned at 98.47 (October 22nd highs), 98.70 (October 30th highs) followed by 99 (October 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis flowing above the EMA20.