1 Aug 2013
USD/JPY threatening 98.00 barrier
FXstreet.com (New York) - The USD/JPY foreign exchange rallied higher on upbeat Chinese PMI, threatening the 98.00 level during Asian trading, currently notching fresh highs Thursday morning.
In China, NBS Manufacturing PMI (July) came in at 50.3, relative to a figure of 50.1 previously.
USD/JPY technical levels
The USD/JPY is presently trading at the 97.94 in these moments, securing a marginal advance of +0.02%. Briefing the technicals, any fall will be fortified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high). Conversely, a rise higher will test resistances at 97.93 (55-day MA), onto 98.04 (200-day SMA, and 98.41 (July 30 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, The USD/JPY traded below the 98.00 barrier and with the hourly chart showing a strong bearish tone, as indicators got into negative territory while the price failed to overcome its 100-day SMA. The downside is still favored, although a break below 97.60 low is now required to confirm a new leg down eyeing in the midterm, past 93.70 (June low).
In China, NBS Manufacturing PMI (July) came in at 50.3, relative to a figure of 50.1 previously.
USD/JPY technical levels
The USD/JPY is presently trading at the 97.94 in these moments, securing a marginal advance of +0.02%. Briefing the technicals, any fall will be fortified by supports 97.60 (July 31 low), ahead of 97.33 (June 26 low), and 96.99 (June 12 high). Conversely, a rise higher will test resistances at 97.93 (55-day MA), onto 98.04 (200-day SMA, and 98.41 (July 30 high).
USD/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, The USD/JPY traded below the 98.00 barrier and with the hourly chart showing a strong bearish tone, as indicators got into negative territory while the price failed to overcome its 100-day SMA. The downside is still favored, although a break below 97.60 low is now required to confirm a new leg down eyeing in the midterm, past 93.70 (June low).