10 Jun 2013
USD/JPY approaches initial resistance near 98.00
FXstreet.com (Barcelona) - The USD/JPY is slightly higher in Asia trade, up 30 pips from the close of last Friday at 97.90. Market participants should be aware of the Japan GDP figures which will be released later in the session at 23:50GMT.
The FXStreet.com Trend Index remains in strongly bearish set up on the daily chart, while the ob/os index reads neutral. Short term moving averages area also in bearish set up, with price sitting below both the 9 and 20 dma’s. Furthemore, the 9dma has crossed below the 20dma which may help to limit advances. However, it should be noted the sharp reversal on Friday did help form a bullish hammer candle which is a positive development for the bulls as we head into the new week.
Initial resistance sits at 98.00 (supply candles on 1 hour chart), followed by 98.50 (previous support, now resistance on daily chart). A move through here could help trigger the next wave of buying up towards 99.31 (the 9dma). First support sits at 97.48 (the 9dma on 1 hour chart), followed by 96.87 (the 20dma on 1 hour chart). A break below here may help open the doors to further support at 94.99 (low from last week)
The FXStreet.com Trend Index remains in strongly bearish set up on the daily chart, while the ob/os index reads neutral. Short term moving averages area also in bearish set up, with price sitting below both the 9 and 20 dma’s. Furthemore, the 9dma has crossed below the 20dma which may help to limit advances. However, it should be noted the sharp reversal on Friday did help form a bullish hammer candle which is a positive development for the bulls as we head into the new week.
Initial resistance sits at 98.00 (supply candles on 1 hour chart), followed by 98.50 (previous support, now resistance on daily chart). A move through here could help trigger the next wave of buying up towards 99.31 (the 9dma). First support sits at 97.48 (the 9dma on 1 hour chart), followed by 96.87 (the 20dma on 1 hour chart). A break below here may help open the doors to further support at 94.99 (low from last week)