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31 Oct 2013
USD/JPY finds support ahead of 98.00
FXstreet.com (Córdoba) - The USD/JPY managed to bounce from lows and recovered some ground after completely erasing yesterday's gains throughout the day.
USD/JPY recovers ground
The pullback of USD/JPY from the 98.67 post-Fed high finally found firm support at 98.08 during the New York session. However, the subsequent recovery has been modest, with the pair stalling at the 20-hour SMA around 98.30. At time of writing, USD/JPY is trading at 98.25, still 0.3% below its opening price.
USD/JPY technical levels
As for technical levels, USD/JPY could find immediate supports at 98.08/05 (daily low/ Oct 30 low), and 97.50 (200-day SMA). On the flip side, resistances line up at 98.57 (daily high) and 98.67 (Oct 30 high).
USD/JPY recovers ground
The pullback of USD/JPY from the 98.67 post-Fed high finally found firm support at 98.08 during the New York session. However, the subsequent recovery has been modest, with the pair stalling at the 20-hour SMA around 98.30. At time of writing, USD/JPY is trading at 98.25, still 0.3% below its opening price.
USD/JPY technical levels
As for technical levels, USD/JPY could find immediate supports at 98.08/05 (daily low/ Oct 30 low), and 97.50 (200-day SMA). On the flip side, resistances line up at 98.57 (daily high) and 98.67 (Oct 30 high).