USD/JPY still unable to breakthrough 99.50, around EMA20

FXstreet.com (Chicago) - USD/JPY continues trading below the 99.50 zone despite an attempt to climb above the zone. Trading sideways but marking higher lows, the pair remains in the negative with 0.08% minimum losses.

Data dependent

Today was a light day in terms of data releases after an intense two-day phase with the FOMC and the Fed. The announcements made indicate the US bond-buying program will be reduced only when facts prove improvements. On Fed’s Bullard speech confirms a data dependent decision with “evidence” required before the endorsement of any policy.

USD/JPY Technical Levels

Price action reveals a pair at the edge of September 16th and September 17th highs. Bouncing off from 99.30 immediate support, the pair hovers slightly below Monday’s initial price. Offered at 99.36, the pair navigates between supports aligned at 99.32 (September 16th highs), 99 (September 17th lows) followed by 98.73 (September 15th lows) and resistances aligned at 99.64 (September 19th highs), 99.97 (September 13th highs) followed by 100.23 (September 5th highs). According to the FXstreet.com trend index, the pair remains slightly bullish on one-hour timeframe analysis with a neutral EMA20.