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6 Aug 2013
USD/JPY back to the edge of the abyss
FXstreet.com (Chicago) - USD/JPY accumulated -3.43% monthly losses, -1.20% weekly losses and 0.61% daily losses as the pair was unable to maintain its position above 98.00 key psychological support.
Price action indicated the greenback weakened against a stronger yen up 0.62% in terms of relative performance. After navigating above the 98.5 regions, the price cracked down back to 6-weeks low levels. On outlook for the BoJ’s monetary policy statement later this week, market participants seemed to feel bearish against the dollar.
Trading at 97.71, the pair oscillated between supports at 97.57 (June 5th highs), 97.41 (June 27 lows), 97.21 (June 21st lows) and resistances at 97.75 (June 11 lows), 97.83 (June 26 lows) ahead of 97.95 (June 24 lows). The ICN technical analysis team confirmed bearish sentiment based on the following statements: “After touching levels around 98.60, the pair dropped proving its bearish bias. Stochastic is becoming more negative reflecting the negative bias, as RSI is moving to the downside below line 50. The pair is also stable below Linear Regression Indicators, therefore we hold on to our negative expectations.”
Price action indicated the greenback weakened against a stronger yen up 0.62% in terms of relative performance. After navigating above the 98.5 regions, the price cracked down back to 6-weeks low levels. On outlook for the BoJ’s monetary policy statement later this week, market participants seemed to feel bearish against the dollar.
Trading at 97.71, the pair oscillated between supports at 97.57 (June 5th highs), 97.41 (June 27 lows), 97.21 (June 21st lows) and resistances at 97.75 (June 11 lows), 97.83 (June 26 lows) ahead of 97.95 (June 24 lows). The ICN technical analysis team confirmed bearish sentiment based on the following statements: “After touching levels around 98.60, the pair dropped proving its bearish bias. Stochastic is becoming more negative reflecting the negative bias, as RSI is moving to the downside below line 50. The pair is also stable below Linear Regression Indicators, therefore we hold on to our negative expectations.”