30 Oct 2013
USD/JPY targets 98.30
FXstreet.com (Chicago) - USD/JPY seems to open strong at Tokyo’s opening after stalling for hours after the closing of WS and the release of Japanese data.
Shortly after the release of Japanese industrial production results at 5.4% vs. prior -0.4%, market participants buy greenbacks at the Tokyo’s opening.
USD/JPY Technical Levels
Price action reveals the pair stalled for over 4 hours after the closing of the American trading journey with Wall Street printing gains. At Tokyo’s opening, the pair trades very close to immediate resistance on corrective movement after earlier rally. The primary trend diverges from the secondary trend pointing up. Offered at 98.22, the pair oscillates between the supports aligned at 98 (October 15th lows), 97.74 (October 17th lows) ahead of 97.46 (October 26th highs) and the resistances aligned at 98.20 (October 23rd highs), 98.69 (October 15th highs) followed by 99 (October 16th highs).
Shortly after the release of Japanese industrial production results at 5.4% vs. prior -0.4%, market participants buy greenbacks at the Tokyo’s opening.
USD/JPY Technical Levels
Price action reveals the pair stalled for over 4 hours after the closing of the American trading journey with Wall Street printing gains. At Tokyo’s opening, the pair trades very close to immediate resistance on corrective movement after earlier rally. The primary trend diverges from the secondary trend pointing up. Offered at 98.22, the pair oscillates between the supports aligned at 98 (October 15th lows), 97.74 (October 17th lows) ahead of 97.46 (October 26th highs) and the resistances aligned at 98.20 (October 23rd highs), 98.69 (October 15th highs) followed by 99 (October 16th highs).