23 Jul 2013
USD/JPY recovers the 99.40 level
FXstreet.com (New York) - The USD/JPY foreign exchange rate has rebounded slightly in recent moments at the Tokyo opening Tuesday, now settling above its lows (99.14).
At the time of writing, the USD/JPY is now settling at 99.39, still down -0.29%, despite bouncing off its recent lows. In terms of the technical levels, the USD/JPY is testing calculated support at 99.37 (July 22 low), a break of which will open up supports at 99.18 (July 17 low), and 98.90 (July 16 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The inability of the USD/JPY to hold above the 100.00 level continues, and the fact that the pair seems unable to trade firmly above it may finally discourage buyers and trigger a massive selloff in the pair. The hourly chart presents a bearish tone, with indicators heading lower below their midlines and price below 100 SMA, with recent lows around 99.50 offering immediate support ahead of 99.20 price zone.”
At the time of writing, the USD/JPY is now settling at 99.39, still down -0.29%, despite bouncing off its recent lows. In terms of the technical levels, the USD/JPY is testing calculated support at 99.37 (July 22 low), a break of which will open up supports at 99.18 (July 17 low), and 98.90 (July 16 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The inability of the USD/JPY to hold above the 100.00 level continues, and the fact that the pair seems unable to trade firmly above it may finally discourage buyers and trigger a massive selloff in the pair. The hourly chart presents a bearish tone, with indicators heading lower below their midlines and price below 100 SMA, with recent lows around 99.50 offering immediate support ahead of 99.20 price zone.”