7 Nov 2013
USD/JPY turns lower and erases gains
FXstreet.com (Córdoba) - The USD/JPY has already reversed its GDP-propelled gains and slid to fresh lows during the American afternoon as the euphoria fades and stocks decline in Wall Street.
USD/JPY rallied to a 7-week high of 99.40 after the US GDP came in stronger than expected, but the moment past and the pair dropped over 100 pips to a 2-day low of 98.34 before finding support at the 200-hour SMA. At time of writing, USD/JPY is trading at the 98. 60 zone, virtually unchanged since opening.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 98.34 and 98.00, while on the other hand resistances are seen at 99.40 (daily high) and 99.66 (Sep 20 high).
USD/JPY rallied to a 7-week high of 99.40 after the US GDP came in stronger than expected, but the moment past and the pair dropped over 100 pips to a 2-day low of 98.34 before finding support at the 200-hour SMA. At time of writing, USD/JPY is trading at the 98. 60 zone, virtually unchanged since opening.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 98.34 and 98.00, while on the other hand resistances are seen at 99.40 (daily high) and 99.66 (Sep 20 high).