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6 Aug 2013
USD/JPY stops the bleeding at 97.60 region
FXstreet.com (New York) - The USD/JPY foreign exchange rate was buried near its lows Tuesday afternoon during US trading, as the 98.00 level failed to provide any measure of support for the ailing pair.
With the BoJ looming Tuesday, the USD/JPY is presently negotiating a loss of -0.66% off it’s opening, though it is now operating at 97.62 (earlier lows were recorded at 97.51). In terms of the technical levels, after an earlier drop below support at 97.84, the next measure of support will activate at 97.59, ahead of 97.24, notes the Danske Research Team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “After touching levels around 98.60, the pair dropped staunchly proving its bearish bias. Meanwhile, the stochastic is becoming more negative reflecting the negative bias, as RSI is moving to the downside below line 50. The USD/JPY is also stable below Linear Regression Indicators, therefore we hold on to our negative expectations.”
With the BoJ looming Tuesday, the USD/JPY is presently negotiating a loss of -0.66% off it’s opening, though it is now operating at 97.62 (earlier lows were recorded at 97.51). In terms of the technical levels, after an earlier drop below support at 97.84, the next measure of support will activate at 97.59, ahead of 97.24, notes the Danske Research Team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “After touching levels around 98.60, the pair dropped staunchly proving its bearish bias. Meanwhile, the stochastic is becoming more negative reflecting the negative bias, as RSI is moving to the downside below line 50. The USD/JPY is also stable below Linear Regression Indicators, therefore we hold on to our negative expectations.”