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18 Jul 2013
USD/JPY stalls at 99.70 level, drives lower
FXstreet.com (New York) - The USD/JPY foreign exchange rate has dropped lower, after stalling near session highs at 99.73 during Asian trading Thursday.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “The points to watch for the USD/JPY are at 100.00, above which SL are building above 100.10. Further offers though are seen at 100.25, 100.50 and 101.00 and I would be rather surprised to see the dollar head beyond 100.00, at least in the first half of the session. On the downside, good bids are to be seen at minor rising trend support at around 99.10, a break of which would likely to see a visit to the stronger support at 98.80.”
In recent moments the USD/JPY bottomed out at 99.47 (session low), only to rebound higher towards 99.59 at the time of writing. Presently, the pair is trading at 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 Jim Langlands at FX Charts, “The points to watch for the USD/JPY are at 100.00, above which SL are building above 100.10. Further offers though are seen at 100.25, 100.50 and 101.00 and I would be rather surprised to see the dollar head beyond 100.00, at least in the first half of the session. On the downside, good bids are to be seen at minor rising trend support at around 99.10, a break of which would likely to see a visit to the stronger support at 98.80.”
In recent moments the USD/JPY bottomed out at 99.47 (session low), only to rebound higher towards 99.59 at the time of writing. Presently, the pair is trading at 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).