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1 Nov 2013
USD/JPY still trendless
FXstreet.com (Chicago) - USD/JPY prints small losses at the opening of Tokyo but inaction indicates a potential continuation of a parallel movement. Although bears seem to outweigh bulls, no movement has been significant so far.
According to FXstreet.com analyst, Valeria Bednarik, “the USD/JPY lost some ground this Thursday, although held above the 98.00 mark. The hourly chart shows price holding above moving averages that continue heading north, while indicators hover around their midlines, showing little selling interest around. In bigger time frames, technical readings are still strongly neutral, giving no clear clues on upcoming movements.”
USD/JPY Technical Levels
Offered at 0.9073, the pair is oscillating between the supports aligned at 98 (October 30th lows), 97.70 (October 28th highs) ahead of 97.23 (October 23rd lows) and the resistances aligned at 98.47 (October 22nd highs), 98.70 (October 30th highs) followed by 99 (October 16th highs).
According to FXstreet.com analyst, Valeria Bednarik, “the USD/JPY lost some ground this Thursday, although held above the 98.00 mark. The hourly chart shows price holding above moving averages that continue heading north, while indicators hover around their midlines, showing little selling interest around. In bigger time frames, technical readings are still strongly neutral, giving no clear clues on upcoming movements.”
USD/JPY Technical Levels
Offered at 0.9073, the pair is oscillating between the supports aligned at 98 (October 30th lows), 97.70 (October 28th highs) ahead of 97.23 (October 23rd lows) and the resistances aligned at 98.47 (October 22nd highs), 98.70 (October 30th highs) followed by 99 (October 16th highs).