21 Aug 2013
USD/JPY, does not give up 97.20 zone; on sideways channel
FXstreet.com (Chicago) - USD/JPY remained trading within corrective channel after posting 0.34% daily losses on major greenback devaluation across major currency pairs ahead of FOMC minutes, Fed’s tapering speculations and mixed results in Wall Street.
The Zero Hour
After two weeks of hearing the same speculations on Fed’s tapering and resisting wild up and downswings, the FOMC minutes are finally due tomorrow. Market participants have driven the pair down from 98.00 zone to 96.00 within two days, evidencing strong sell offs and votes of confidence on the dollar. With mixed results, Wall Street leads the world indexes markets that close on a 2nd day loss strike. In Japan, foreign bond investment data is to be released after the FOMC minutes are made public in the US.
Technical Levels – smashed down dollar
Price action indicates the pair trades sideways between supports at 97.18 (June 25th lows), 97.00 (August 16th lows) and 96.92 (August 9th highs) below resistances at 97.35 (August 7th highs), 97.47 (August 18th lows) and 97.57 (August 15th lows). The greenback has lost 0.34% since the opening of Tuesday’s session and is reported as slightly bearish on one-hour timeframe analysis by the FXstreet.com trend index.
The Zero Hour
After two weeks of hearing the same speculations on Fed’s tapering and resisting wild up and downswings, the FOMC minutes are finally due tomorrow. Market participants have driven the pair down from 98.00 zone to 96.00 within two days, evidencing strong sell offs and votes of confidence on the dollar. With mixed results, Wall Street leads the world indexes markets that close on a 2nd day loss strike. In Japan, foreign bond investment data is to be released after the FOMC minutes are made public in the US.
Technical Levels – smashed down dollar
Price action indicates the pair trades sideways between supports at 97.18 (June 25th lows), 97.00 (August 16th lows) and 96.92 (August 9th highs) below resistances at 97.35 (August 7th highs), 97.47 (August 18th lows) and 97.57 (August 15th lows). The greenback has lost 0.34% since the opening of Tuesday’s session and is reported as slightly bearish on one-hour timeframe analysis by the FXstreet.com trend index.