22 Jul 2013
USD/JPY retraces after 100.00 remains intact
FXstreet.com (New York) - The USD/JPY foreign exchange rate plunged sharply during Asian trading Monday, bottoming out in the 100.18 region (session low) before a retracement occurred in recent moments.
After the initial volatility and threat towards the 100.00 barrier, the USD/JPY has rebounded back towards 100.53, paring its losses and now operating with a slight +0.06% gain Monday. Technically speaking, the USD/JPY will face support at 100.28 (55-day MA), ahead of 100.07 July 16 high), and 99.89 (July 19 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Technically the USD looks as though it is in for more choppy trade and there does not appear, from a chart perspective, for any immediate run higher. While the 4-hour charts are pointing mildly higher still, the dailies are not suggesting much in either direction, so I suspect we are in for further 100/102 directionless trade, although early Monday may prove volatile if the market decides to try the topside to take out the stops above 101.00.”
After the initial volatility and threat towards the 100.00 barrier, the USD/JPY has rebounded back towards 100.53, paring its losses and now operating with a slight +0.06% gain Monday. Technically speaking, the USD/JPY will face support at 100.28 (55-day MA), ahead of 100.07 July 16 high), and 99.89 (July 19 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “Technically the USD looks as though it is in for more choppy trade and there does not appear, from a chart perspective, for any immediate run higher. While the 4-hour charts are pointing mildly higher still, the dailies are not suggesting much in either direction, so I suspect we are in for further 100/102 directionless trade, although early Monday may prove volatile if the market decides to try the topside to take out the stops above 101.00.”