31 Oct 2013
USD/JPY closes aboce 98.47 resistance – more upside likely according to technicians
FXstreet.com (Barcelona) - The USD/JPY cross is really starting to sport a more bullish posture now that has managed to close above horizontal line resistance at 98.47.
USD/JPY traders await BOJ decision and US data
USD/JPY traders will get to react to the interest rate decision and accompanying commentary from the Bank of Japan at 03:00 GMT. Japanese housing starts and construction orders will be released later on as well. During the US session, traders will be reacting to US Weekly Jobless Claims and Chicago PMI.
Technical outlook for USD/JPY
Technicians say USD/JPY has broken above horizontal line resistance at 98.47 – and that level now will act as support. The next support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at the 10/17 peak at 98.99 and is backed up by a higher “correction resistance” at 99.80.
USD/JPY traders await BOJ decision and US data
USD/JPY traders will get to react to the interest rate decision and accompanying commentary from the Bank of Japan at 03:00 GMT. Japanese housing starts and construction orders will be released later on as well. During the US session, traders will be reacting to US Weekly Jobless Claims and Chicago PMI.
Technical outlook for USD/JPY
Technicians say USD/JPY has broken above horizontal line resistance at 98.47 – and that level now will act as support. The next support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at the 10/17 peak at 98.99 and is backed up by a higher “correction resistance” at 99.80.