3 Dec 2013
USD/JPY extends correction to fresh daily lows
FXstreet.com (Córdoba) - The USD/JPY lost momentum and retraced intraday gains throughout the European session after being rejected from a fresh 6-month high during the Asian trade.
USD/JPY retreats amid profit taking
The USD/JPY found resistance at 103.37 zone and came under pressure amid profit taking, having already erased daily gains and turned negative for the day. At time of writing, the USD/JPY is trading at the 102.75 area, 0.2% below its opening price, having hit a low of 102.63 in recent dealings.
USD/JPY uptrend still active
Despite the recent setback, Stoyan Mihaylov, analyst at DeltaStock.com noted that the uptrend is still active and there is a chance for a final upswing to 103.60-70 before reversal and a sell-off towards 101.90 support zone. "Crucial on the downside is 102.80 and a violation of that low will signal, that a top is already in place", said the analyst.
USD/JPY retreats amid profit taking
The USD/JPY found resistance at 103.37 zone and came under pressure amid profit taking, having already erased daily gains and turned negative for the day. At time of writing, the USD/JPY is trading at the 102.75 area, 0.2% below its opening price, having hit a low of 102.63 in recent dealings.
USD/JPY uptrend still active
Despite the recent setback, Stoyan Mihaylov, analyst at DeltaStock.com noted that the uptrend is still active and there is a chance for a final upswing to 103.60-70 before reversal and a sell-off towards 101.90 support zone. "Crucial on the downside is 102.80 and a violation of that low will signal, that a top is already in place", said the analyst.