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28 Nov 2013
USD/JPY loses 102 momentarily
FXstreet.com (Chicago) - USD/JPY gave up the 102 zone momentarily touching the 101.94 bottoms and breaking the upward trendline that had started on November 26th lows.
Foreign bond investments in Japan increased while foreign investment in Japanese stocks fell. Large retailer’s sales were -0.4% vs. past 0.7%.
USD/JPY Technical Levels
Price action reveals the sentiment remains bullish as the pair maintains 6-month highs although strong bearish pressure breaks with the upward movement that had been consolidating throughout Wednesday with steep speedy lines and strong impulses. Offered at 102.02, the pair struggles to keep the zone and corrects printing higher highs and lows after dip below the previously mentioned level. On the downside supports are aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) while the upside prints resistances at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and remains above the EMA20.
Foreign bond investments in Japan increased while foreign investment in Japanese stocks fell. Large retailer’s sales were -0.4% vs. past 0.7%.
USD/JPY Technical Levels
Price action reveals the sentiment remains bullish as the pair maintains 6-month highs although strong bearish pressure breaks with the upward movement that had been consolidating throughout Wednesday with steep speedy lines and strong impulses. Offered at 102.02, the pair struggles to keep the zone and corrects printing higher highs and lows after dip below the previously mentioned level. On the downside supports are aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) while the upside prints resistances at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and remains above the EMA20.