24 Oct 2013
USD/JPY stuck in a range, still vulnerable
FXstreet.com (Córdoba) - Despite a string of mostly disappointing US data, the USD/JPY remained unaffected, and continues to trade in a sideways pattern in a roughly 20-pip range.
The USD/JPY managed to stabilize after bottoming at 97.15 Wednesday and has spent the last sessions consolidating above that level, unable to set a fresh direction as investors remain cautious about future trends in FX market.
USD/JPY technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that even though short-term indicators remain neutral, the downside continues to be favored "with a break below 97.20 needed to confirm the bearish continuation".
Bednarik sees immediate supports at 97.20, 96.80 and 96.50, while she places resistances at 97.50, 97.90 and 98.40.
The USD/JPY managed to stabilize after bottoming at 97.15 Wednesday and has spent the last sessions consolidating above that level, unable to set a fresh direction as investors remain cautious about future trends in FX market.
USD/JPY technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that even though short-term indicators remain neutral, the downside continues to be favored "with a break below 97.20 needed to confirm the bearish continuation".
Bednarik sees immediate supports at 97.20, 96.80 and 96.50, while she places resistances at 97.50, 97.90 and 98.40.