2 Jul 2013
USD/JPY retracing from fresh 3-week highs below 99.90
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 99.55, near session lows, and off early NY session/fresh 3-week highs at 99.85, up +0.43% so far for the week. Nikkei index opens just shy of the 14k points mark, up +0.81%.
Upward continuation supported
“The hourly chart shows price easing some from the high, while moving averages head higher well below current price and indicators stand flat in positive territory,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In bigger timeframes and despite the lack of momentum, indicators hold in positive territory, supporting an upward continuation, although price needs to break above 100.00 to confirm the advance.”
Key technical levels
Bednarik sees support levels at: 99.45, 99.10 and 98.80, while resistance levels at: 100.00, 100.35 and 100.70.
Upward continuation supported
“The hourly chart shows price easing some from the high, while moving averages head higher well below current price and indicators stand flat in positive territory,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In bigger timeframes and despite the lack of momentum, indicators hold in positive territory, supporting an upward continuation, although price needs to break above 100.00 to confirm the advance.”
Key technical levels
Bednarik sees support levels at: 99.45, 99.10 and 98.80, while resistance levels at: 100.00, 100.35 and 100.70.