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28 Aug 2013
USD/JPY trips 96.90 stops; retesting 97.00
FXstreet.com (Barcelona) - USD/JPY broke below 97.00 support just minutes ahead of the Tokyo open, with follow through noted to also trigger stops clustered below 96.90, reaching its lowest level at 96.82 before rebounding.
Risk is definitely off as the Syria conflict continues to spook investors, which translates in wild swings across all Yen pairs. How price will evolve from here will depend now in the Nikkei performance (opened -2.4%) and Asia ex-Japan equities.
Looking at the main technical levels, 90.80 is the next area of support ahead of 96.40/50 bids, while on the upside, 97.15/20 is the area of immediate resistance where sellers failed in recent hours followed by 97.30, intraday level.
Risk is definitely off as the Syria conflict continues to spook investors, which translates in wild swings across all Yen pairs. How price will evolve from here will depend now in the Nikkei performance (opened -2.4%) and Asia ex-Japan equities.
Looking at the main technical levels, 90.80 is the next area of support ahead of 96.40/50 bids, while on the upside, 97.15/20 is the area of immediate resistance where sellers failed in recent hours followed by 97.30, intraday level.