17 Oct 2013
USD/JPY retreating? Or rather forming ascending triangle around 98.70?
FXstreet.com (Chicago) - USD/JPY remains stuck below the 98.70 zone trading close to session lows after stagnation and opposite, for expected, reaction.
No reaction?
The House approved the bill that will finalize the US shutdown extending the debt ceiling deadline and allowing politicians to buy more time. Despite announcement, the pair remains stuck below the 98.70 zone ahead of data to be released in both countries.
USD/JPY Technical Levels
Technically speaking, the pair continues printing lower highs yet higher lows forming a potential ascending triangle pattern indicating a possible jump after short-term bearish cannel extension until rock bottom crash around 98.61. Offered at 98.66, the pair oscillates between supports aligned at 98.34 (September 24 lows), 97.83 (October 3 highs) followed by 97.47 (October 4 highs) and the resistances set at 98.73 (September 30 highs), 99.16 (September 25 highs) followed by 99.68 (September 20 highs).
No reaction?
The House approved the bill that will finalize the US shutdown extending the debt ceiling deadline and allowing politicians to buy more time. Despite announcement, the pair remains stuck below the 98.70 zone ahead of data to be released in both countries.
USD/JPY Technical Levels
Technically speaking, the pair continues printing lower highs yet higher lows forming a potential ascending triangle pattern indicating a possible jump after short-term bearish cannel extension until rock bottom crash around 98.61. Offered at 98.66, the pair oscillates between supports aligned at 98.34 (September 24 lows), 97.83 (October 3 highs) followed by 97.47 (October 4 highs) and the resistances set at 98.73 (September 30 highs), 99.16 (September 25 highs) followed by 99.68 (September 20 highs).