28 Oct 2013
USD/JPY tried and has thus far failed to hold a break out above 97.61 resistance
FXstreet.com (Barcelona) - The USD/JPY cross seems torn as to what it wants to do – first acting like a breakout was a done deal and now correcting lower.
USD/JPY traders will focus on US data Monday
The DXY could have, according to technicians, room to move lower in the very short-term – which makes the failed break above 97.61 for the USD/JPY seem appropriate.
Later in the session, traders will be monitoring US news including Industrial Production and Capacity Utilization, Pending Home Sales and, the Dallas Fed Manufacturing Survey.
Technical outlook for USD/JPY
Technicians say USD/JPY has “correction support” at the range of 97.03 (already tested) to 96.72. The initial resistance level for USD/JPY comes in at the horizontal line of 97.61 with the 10/24 peak at 98.47 backing that up.
USD/JPY traders will focus on US data Monday
The DXY could have, according to technicians, room to move lower in the very short-term – which makes the failed break above 97.61 for the USD/JPY seem appropriate.
Later in the session, traders will be monitoring US news including Industrial Production and Capacity Utilization, Pending Home Sales and, the Dallas Fed Manufacturing Survey.
Technical outlook for USD/JPY
Technicians say USD/JPY has “correction support” at the range of 97.03 (already tested) to 96.72. The initial resistance level for USD/JPY comes in at the horizontal line of 97.61 with the 10/24 peak at 98.47 backing that up.