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21 Oct 2013
USD/JPY finds confidence loss at 98
FXstreet.com (Chicago) - USD/JPY trades below 98 ahead of Japanese data releases due within hours extending short-term bearish channel.
USD/JPY Technical Levels
Technically speaking, the pair stalls on long-term timeframe (monthly charts) with primary trend pointing down and secondary one presenting modest gains (daily charts). Higher lows yet lower highs indicate the potential formation of ascending triangle (daily charts) with upside potential. But extended sideways trading ahead of Tokyo indicates hesitance before data publications from both regions. Rest to see how market participants react before the pair gets to drift away from immediate support. Offered at 97.92, the pair oscillates between supports aligned at 97.83 (October 3rd highs), 97.47 (October 9th highs) ahead of 96.93 (October 3rd lows) and the resistances set at 98.34 (October 1st highs), 98.73 (October 15th highs) followed by 99.16 (September 24th highs).
USD/JPY Technical Levels
Technically speaking, the pair stalls on long-term timeframe (monthly charts) with primary trend pointing down and secondary one presenting modest gains (daily charts). Higher lows yet lower highs indicate the potential formation of ascending triangle (daily charts) with upside potential. But extended sideways trading ahead of Tokyo indicates hesitance before data publications from both regions. Rest to see how market participants react before the pair gets to drift away from immediate support. Offered at 97.92, the pair oscillates between supports aligned at 97.83 (October 3rd highs), 97.47 (October 9th highs) ahead of 96.93 (October 3rd lows) and the resistances set at 98.34 (October 1st highs), 98.73 (October 15th highs) followed by 99.16 (September 24th highs).