24 Sep 2013
USD/JPY dives to 99.66 lows on unbearable bearish pressure
FXstreet.com (Chicago) - USD/JPY dipped below immediate support below the 98.70 zone but managed to bounce back from lows. The Nikkei 225 prints 0.36% losses while the yen strengthens against a baffled greenback.
Price action reveals heavy bearish pressure as the pair struggles between 98.60 and 98.70 zones. Weekly losses are now worth 0.61%. Offered at 98.69, the pair oscillates between supports aligned at 98.45 (September 14th lows), 98.16 (September 19th lows) followed by 97.87 (August 30th lows) and resistances set at 98.73 (September 16th lows), 99 (September 12th lows) followed by 99.32 (September 17th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis.
Price action reveals heavy bearish pressure as the pair struggles between 98.60 and 98.70 zones. Weekly losses are now worth 0.61%. Offered at 98.69, the pair oscillates between supports aligned at 98.45 (September 14th lows), 98.16 (September 19th lows) followed by 97.87 (August 30th lows) and resistances set at 98.73 (September 16th lows), 99 (September 12th lows) followed by 99.32 (September 17th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis.