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4 Nov 2013
USD/JPY repetitively breaking below 98.70 on inconclusive battle
FXstreet.com (Chicago) - USD/JPY seems to break below immediate support after an intense battle to position the 98.70 front.
Markets in Japan are close today on holiday while its participants expect factory orders along FOMC’s and Fed’s speeches. After reaching 2-week highs and recovering partially monthly losses, November breaks in stronger, maintaining the wins of the last two weeks.
USD/JPY Technical Levels
Price action reveals a pair that manages to breakthrough previously broken support to retake the 98.70 front at Tokyo’s opening. Offered at 98.71, the pair oscillates between the supports aligned at 98.70 (October 30th highs), 98.47 (October 22nd highs) ahead of 98 (October 29th lows) and the resistances set at 99 (October 16th highs), 99.25 (September 24th highs) followed by 99.79 (September 14th highs). Sustaining 2-week highs, the pair remains glued to immediate support, dipping below it repetitively. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Markets in Japan are close today on holiday while its participants expect factory orders along FOMC’s and Fed’s speeches. After reaching 2-week highs and recovering partially monthly losses, November breaks in stronger, maintaining the wins of the last two weeks.
USD/JPY Technical Levels
Price action reveals a pair that manages to breakthrough previously broken support to retake the 98.70 front at Tokyo’s opening. Offered at 98.71, the pair oscillates between the supports aligned at 98.70 (October 30th highs), 98.47 (October 22nd highs) ahead of 98 (October 29th lows) and the resistances set at 99 (October 16th highs), 99.25 (September 24th highs) followed by 99.79 (September 14th highs). Sustaining 2-week highs, the pair remains glued to immediate support, dipping below it repetitively. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.