25 Oct 2013
USD/JPY retraces from 97.46 session highs
FXstreet.com (Chicago) - USD/JPY consolidated a reversal after falling to 96.94 session lows but seems to weaken arriving to the 97.40 zone – session highs at 97.46 – before the release of American data.
Small variation
After the release of matching inflation data in Japan, the pair extended the sideways movement that prevailed throughout Thursday’s session with a maximum pip variation from lows to highs at 30 pips.
USD/JPY Technical Levels
Technically speaking, the 1HR charts evidence a strong rebound from the edges of the 97 zone. The pair is offered at 97.38 and navigates between the supports aligned at 97.20 (October 23rd lows), 96.81 (October 8th lows) followed by 96.39 (August 13th lows) and the resistances aligned at 97.54 (October 18th lows), 98 (October 15th lows) followed by 98.46 (October 22nd highs). After a relatively quiet session throughout Asia, market participants expect US data within minutes with a potential impact on price action.
Small variation
After the release of matching inflation data in Japan, the pair extended the sideways movement that prevailed throughout Thursday’s session with a maximum pip variation from lows to highs at 30 pips.
USD/JPY Technical Levels
Technically speaking, the 1HR charts evidence a strong rebound from the edges of the 97 zone. The pair is offered at 97.38 and navigates between the supports aligned at 97.20 (October 23rd lows), 96.81 (October 8th lows) followed by 96.39 (August 13th lows) and the resistances aligned at 97.54 (October 18th lows), 98 (October 15th lows) followed by 98.46 (October 22nd highs). After a relatively quiet session throughout Asia, market participants expect US data within minutes with a potential impact on price action.