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25 Mar 2013
Forex: USD/JPY testing highs, eyes on 95.00
FXstreet.com (Barcelona) - The momentum in the USD is pushing the cross closer to the key mark of 95.00 on Monday, after bottoming in the proximity of 94.60 after the Asian session.
According to the FX Research team at TD Securities, “The flattening out in the rally poses another risk to what looks to be an over-extended (and over-owned) run up. Trend and pullback support are converging at 93.90 today and this will likely remain the key technical swing point through the early part of the week”.
At the moment, the pair is up 0.39% at 94.90 facing the next resistance at 95.14 (high Mar.22) ahead of 95.35 (MA200h) and finally 96.11 (high Mar.21).
On the flip side, a breakdown of 94.20 (low Mar.22) would open the door to 93.81 (Kijun Line)0 en route to 93.45 (low Mar.18).
According to the FX Research team at TD Securities, “The flattening out in the rally poses another risk to what looks to be an over-extended (and over-owned) run up. Trend and pullback support are converging at 93.90 today and this will likely remain the key technical swing point through the early part of the week”.
At the moment, the pair is up 0.39% at 94.90 facing the next resistance at 95.14 (high Mar.22) ahead of 95.35 (MA200h) and finally 96.11 (high Mar.21).
On the flip side, a breakdown of 94.20 (low Mar.22) would open the door to 93.81 (Kijun Line)0 en route to 93.45 (low Mar.18).