23 Aug 2013
USD/JPY eyes Jackson Hole, poised for retest of 99.00?
FXstreet.com (Barcelona) - Having traded around 99.00 resistance since the overnight session, USD/JPY still remains unable, or lacking the cues to push above the key psychological level as we approach the US session.
Currently trading at 98.92, up 0.22% on the day's trading, the pair has repeatedly confirmed the 99.00 level, posting a high at 99.15 where daily classic R1 resistance sits. In line German GDP and improving UK GDP data failed to have a significant impact on price action this morning, but with the Jackson Hole Symposium this weekend, traders may be sitting on the sidelines in the near term.
USD/JPY technically bearish?
The FXstreet.com Trend Index shows the pair to be strongly bearish in the near term, and the OB/OS Index is neutral. Pivot Point support can be found at 97.92, 97.13 and 96.68, with resistance above at 99.16, 99.61 and 100.40. Hourly oscillators are in mid range with both Stochastics and RSI at 59.
Currently trading at 98.92, up 0.22% on the day's trading, the pair has repeatedly confirmed the 99.00 level, posting a high at 99.15 where daily classic R1 resistance sits. In line German GDP and improving UK GDP data failed to have a significant impact on price action this morning, but with the Jackson Hole Symposium this weekend, traders may be sitting on the sidelines in the near term.
USD/JPY technically bearish?
The FXstreet.com Trend Index shows the pair to be strongly bearish in the near term, and the OB/OS Index is neutral. Pivot Point support can be found at 97.92, 97.13 and 96.68, with resistance above at 99.16, 99.61 and 100.40. Hourly oscillators are in mid range with both Stochastics and RSI at 59.