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5 Aug 2013
USD/JPY edges lower at the opening
FXstreet.com (New York) - The USD/JPY foreign exchange rate took a turn lower at the Tokyo opening Monday, failing to make a sustained push back towards 99.00.
Presently, USD/JPY is diverging from the aforementioned region, now trading at the 98.83 level, en route to a fall of -0.07% off its opening. The USD/JPY remains fortified by supports at 98.74 (August 2 low), ahead of 98.42 (July 3 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst FXstreet.com, “The hourly chart for the USD/JPY shows price finding support in its 200-day SMA, while momentum heads south in negative territory, keeping the upside limited. In bigger time frames technical readings turned lower still in positive territory, not far from giving selling signals: 100-day MA around 98.50 is the key support to follow, as once below the pair has scope for a retest of recent lows in the 97.50/60 price zone.”
Presently, USD/JPY is diverging from the aforementioned region, now trading at the 98.83 level, en route to a fall of -0.07% off its opening. The USD/JPY remains fortified by supports at 98.74 (August 2 low), ahead of 98.42 (July 3 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst FXstreet.com, “The hourly chart for the USD/JPY shows price finding support in its 200-day SMA, while momentum heads south in negative territory, keeping the upside limited. In bigger time frames technical readings turned lower still in positive territory, not far from giving selling signals: 100-day MA around 98.50 is the key support to follow, as once below the pair has scope for a retest of recent lows in the 97.50/60 price zone.”