7 Jun 2013
USD/JPY attempts to fight back above 96.00 in Asia trade
FXstreet.com (Barcelona) - The USD/JPY is trading sharply lower in Asia trade, down 109 pips at 96.27 (at one point traded as low as 95.55).
The FXstreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads neutral. Short term moving averages remain in bearish set up, with price below the 9 and 20dma’s. Furthermore, the 9 dma has crossed below the 20dma which is another factor which could keep advances limited. The RSI (14) is also in bearish set up, sitting at 31.29 and maintaining the bearish zone between 20 and 60.
Initial support sits at 95.50 (session low), followed by 94.50 (previous resistance, now support on daily chart). First resistance sits at 96.89 (the 9dma on daily chart), followed by 97.59 (the 20dma on daily chart). Give the technical set up, it appears a sell the rally mentality is likely to persist as we finish the week.
The FXstreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads neutral. Short term moving averages remain in bearish set up, with price below the 9 and 20dma’s. Furthermore, the 9 dma has crossed below the 20dma which is another factor which could keep advances limited. The RSI (14) is also in bearish set up, sitting at 31.29 and maintaining the bearish zone between 20 and 60.
Initial support sits at 95.50 (session low), followed by 94.50 (previous resistance, now support on daily chart). First resistance sits at 96.89 (the 9dma on daily chart), followed by 97.59 (the 20dma on daily chart). Give the technical set up, it appears a sell the rally mentality is likely to persist as we finish the week.