11 Oct 2013
USD/JPY holds on to 98.50
FXstreet.com (Chicago) - USD/JPY reached 98.59 highs but retraced minimally on inconclusive exhaustion from rally that propelled the pair to 1.09% weekly gains and 0.38% daily advancements.
On hold
Earlier in Japan, the Nikkei closed with 1.48% gains and Wall Street prints gains ahead of its closing. Amid talks to potentially finish the shutdown, market participants stay on the line. According to Valeria Bednarik, Chief Analyst at FXstreet.com, “in the 4 hours chart technical readings are showing signs of exhaustion in overbought territory, pointing for some limited short term downward corrections.”
USD/JPY Technical Levels
Technically speaking, the pair is offered at 98.47 and oscillates between the supports aligned at 98.34 (September 25th lows), 97.83 (October 3rd highs) ahead of 97.44 (October 4th highs) and the resistances set at 98.73 (September 30th highs), 99.16 (September 26th highs) followed by 99.68 (September 19th highs). Secondary and primary trends point up diverging with the intraday trend that retraces from 98.59 10-day peaks. With an upward trendline that is intact, the pair extends higher lows and highs.
On hold
Earlier in Japan, the Nikkei closed with 1.48% gains and Wall Street prints gains ahead of its closing. Amid talks to potentially finish the shutdown, market participants stay on the line. According to Valeria Bednarik, Chief Analyst at FXstreet.com, “in the 4 hours chart technical readings are showing signs of exhaustion in overbought territory, pointing for some limited short term downward corrections.”
USD/JPY Technical Levels
Technically speaking, the pair is offered at 98.47 and oscillates between the supports aligned at 98.34 (September 25th lows), 97.83 (October 3rd highs) ahead of 97.44 (October 4th highs) and the resistances set at 98.73 (September 30th highs), 99.16 (September 26th highs) followed by 99.68 (September 19th highs). Secondary and primary trends point up diverging with the intraday trend that retraces from 98.59 10-day peaks. With an upward trendline that is intact, the pair extends higher lows and highs.