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16 Aug 2013
USD/JPY, potential double top formation or bullish stampede?
FXstreet.com (Chicago) - USD/JPY reached early morning peaks momentarily to trade within the 97.70 zone but quickly retraced below the zone in the afternoon of the American trading session.
Are rising yields fueling the pair higher?
10-year treasury yields have reached 2.83%, potentially fueling the greenback and strengthening the currency. Weaker-than-expected data in the US along mixed stock market performance in Wall Street so far, indicate the smoothing of euphoric sell-off that hit Asia in the early morning.
Technical Levels – short-term bullish bias
Technically speaking, the pair trades at 97.64, between supports at 97.51 (July 29th lows), 97.22 (June 24th lows) ahead of 96.93 (August 9th highs) and ahead of resistances at 97.81 (June 28th lows), 98.00 (June 20th highs) followed by 98.30 (August 13th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, accumulating 0.28% throughout the day.
Are rising yields fueling the pair higher?
10-year treasury yields have reached 2.83%, potentially fueling the greenback and strengthening the currency. Weaker-than-expected data in the US along mixed stock market performance in Wall Street so far, indicate the smoothing of euphoric sell-off that hit Asia in the early morning.
Technical Levels – short-term bullish bias
Technically speaking, the pair trades at 97.64, between supports at 97.51 (July 29th lows), 97.22 (June 24th lows) ahead of 96.93 (August 9th highs) and ahead of resistances at 97.81 (June 28th lows), 98.00 (June 20th highs) followed by 98.30 (August 13th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, accumulating 0.28% throughout the day.