7 Aug 2013
USD/JPYcracking to 6-weeks depths
FXstreet.com (Chicago) - USD/JPY reached 96.34 6-weeks lows to accumulate 1.23% daily losses.
Price action indicated the greenback was standing on quicksand as the pair continued to drop to reach 6-weeks lows. In terms of relative performance, the yen topped the list of performers with 1.39% gains throughout the day. In Wall Street, speculators regretted the apparent recurrent addiction to Fed’s actions as market participants await Fed’s decision on the monetary stimulus package. With the EiA crude oil stocks change decreasing to -1.320M compared to a previous 0.431M result, oil demand might be indicative of slower recovery in the US.
Technically speaking, the pair was reported as slightly bearish by the FXstreet trend index on one-hour timeframe analysis with supports aligned at 97.08, 96.84, and 96.60 and resistances at 98.17, 98.42 and 98.67. Trading at 96.35, the price remained below short and long term moving averages.
Price action indicated the greenback was standing on quicksand as the pair continued to drop to reach 6-weeks lows. In terms of relative performance, the yen topped the list of performers with 1.39% gains throughout the day. In Wall Street, speculators regretted the apparent recurrent addiction to Fed’s actions as market participants await Fed’s decision on the monetary stimulus package. With the EiA crude oil stocks change decreasing to -1.320M compared to a previous 0.431M result, oil demand might be indicative of slower recovery in the US.
Technically speaking, the pair was reported as slightly bearish by the FXstreet trend index on one-hour timeframe analysis with supports aligned at 97.08, 96.84, and 96.60 and resistances at 98.17, 98.42 and 98.67. Trading at 96.35, the price remained below short and long term moving averages.