28 Oct 2013
USD/JPY rejects the 97.80 and declines to 97.60
FXstreet.com (San Francisco) - The USD/JPY failed to break above the 97.80 area and after testing this level, the pair fell back to 97.60.
The Dollar found sell interest against the yen at 97.80 as US pending home sale showed a weaker than expecter figure in September and traders are reporting "more layered up to the 98.00 level," as FXbeat analyst Jamie Coleman commented in recent news.
Coleman also affirmed that "98.50/60 become absolutely critical resistance." At the moment, the USD/JPY is trading at 97.65, 0.22% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart.
USD/JPY technicals
Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish in the 1-hour timeframe too. The USD/JPY would face supports at 97.60 (20 hours MA), 0.9745 and 0.9700 area. On the upside, 97.80, 98.00 and 98.50.
The Dollar found sell interest against the yen at 97.80 as US pending home sale showed a weaker than expecter figure in September and traders are reporting "more layered up to the 98.00 level," as FXbeat analyst Jamie Coleman commented in recent news.
Coleman also affirmed that "98.50/60 become absolutely critical resistance." At the moment, the USD/JPY is trading at 97.65, 0.22% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart.
USD/JPY technicals
Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish in the 1-hour timeframe too. The USD/JPY would face supports at 97.60 (20 hours MA), 0.9745 and 0.9700 area. On the upside, 97.80, 98.00 and 98.50.