Back
5 Aug 2013
USD/JPY entrenched in negative territory despite recovery
FXstreet.com (New York) - The USD/JPY foreign exchange rate bottomed out earlier during European trading at the 98.28 level (session low), though this managed to contain the bleeding, thereby initiating a recovery movement.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY starts this week pretty much sidelined between the 101.60 Fibonacci resistance and 97.55 the base of the cloud. Overhead resistance is reinforced by the 100.42 resistance line. We remain biased to a slide back to the base of the cloud.”
USD/JPY technical levels
Despite the gradual paring of losses into the US session, the USD/JPY remains sidelined at 98.62, still incurring a loss of -0.31% off its opening. Briefing the technicals, the USD/JPY will look to test support at 98.52, ahead of 98.02, then 97.95, notes the Mataf.net analyst team.
USD/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/JPY starts this week pretty much sidelined between the 101.60 Fibonacci resistance and 97.55 the base of the cloud. Overhead resistance is reinforced by the 100.42 resistance line. We remain biased to a slide back to the base of the cloud.”
USD/JPY technical levels
Despite the gradual paring of losses into the US session, the USD/JPY remains sidelined at 98.62, still incurring a loss of -0.31% off its opening. Briefing the technicals, the USD/JPY will look to test support at 98.52, ahead of 98.02, then 97.95, notes the Mataf.net analyst team.