31 Jul 2013
USD/JPY stuck at 98.00
FXstreet.com (New York) - The USD/JPY has abstained from its narrow path Wednesday morning, now entrenched at the 98.00 region.
USD/JPY technical levels
The USD/JPY is feeling right at home at the 98.00 level, familiar ground for the pair over the first two days of the week and into Wednesday. With a tepid advance of just +0.02%, the pair will likely be subject to periodic swings ahead of a busy day in the US. Any upward advance will be stymied by resistances at 98.07 (200-day SMA), onto 98.33 (July 29 high), and 98.42 (July 30 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY again found sellers around its 100-day SMA at 98.45 yesterday, maintaining the bearish tone into the Asian session. The hourly chart shows moving averages heading lower above current price, with 100 one offering dynamic resistance around 98.70 and indicators heading south in negative territory, suggesting only steady gains above this last will deny the possibility of further slides in the pair.”
USD/JPY technical levels
The USD/JPY is feeling right at home at the 98.00 level, familiar ground for the pair over the first two days of the week and into Wednesday. With a tepid advance of just +0.02%, the pair will likely be subject to periodic swings ahead of a busy day in the US. Any upward advance will be stymied by resistances at 98.07 (200-day SMA), onto 98.33 (July 29 high), and 98.42 (July 30 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY again found sellers around its 100-day SMA at 98.45 yesterday, maintaining the bearish tone into the Asian session. The hourly chart shows moving averages heading lower above current price, with 100 one offering dynamic resistance around 98.70 and indicators heading south in negative territory, suggesting only steady gains above this last will deny the possibility of further slides in the pair.”