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18 Jul 2013
USD/JPY edging higher past 99.60 region
The USD/JPY technical pair strengthened slightly during Asian trading Thursday morning, edging higher and currently establishing session highs.
The USD/JPY has now settled at the 99.65 handle, notching a marginal climb of +0.03% Thursday. While the pair is currently trading past its 50-day SMA at 99.55, it will look ahead to resistances at 99.85 (July 17 high), onto 100.05 (July 16 high). Conversely, the USD/JPY will encounter support at 99.25 (July 15 low), ahead of 98.90 (July 16 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY recovered from a previous low of 99.03, trading back above its 100-day SMA in the hourly chart that stands flat around 99.40, acting as short-term support. The pair however is far from setting a clearer trend, with bigger time frames presenting a neutral technical stance and price trapped below the 100.00 level. The uneven range will likely persist with 98.40 and 100.30 as the extremes to take over to set a clearer way.”
The USD/JPY has now settled at the 99.65 handle, notching a marginal climb of +0.03% Thursday. While the pair is currently trading past its 50-day SMA at 99.55, it will look ahead to resistances at 99.85 (July 17 high), onto 100.05 (July 16 high). Conversely, the USD/JPY will encounter support at 99.25 (July 15 low), ahead of 98.90 (July 16 low).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The USD/JPY recovered from a previous low of 99.03, trading back above its 100-day SMA in the hourly chart that stands flat around 99.40, acting as short-term support. The pair however is far from setting a clearer trend, with bigger time frames presenting a neutral technical stance and price trapped below the 100.00 level. The uneven range will likely persist with 98.40 and 100.30 as the extremes to take over to set a clearer way.”