14 Nov 2013
USD/JPY breaking out; revisits 99.40
FXstreet.com (Chicago) - USD/JPY broke resistance to consolidate a strong advancement pocketing 0.18% daily gains so far for a total weekly gain of 0.37% after the release of data.
USD/JPY Technical Levels
Price action reveals a strong reaction favoring the USD for a spike to 99.49 session highs. Throughout Wednesday, the pair extended losses extending the bearish channel that started last November 12th. Breaking up the downward trendline, the pair consolidates a reverse and rally above the 99.40. At 99.41, it oscillates between the supports aligned at 99.36 (November 7th highs), 99 (October 17th highs) followed by 98.70 (October 2nd highs) and the resistances set at 99.71 (September 19th highs), 100.25 (September 2nd highs) followed by 100.67 (September 10th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis navigating below the EMA20.
USD/JPY Technical Levels
Price action reveals a strong reaction favoring the USD for a spike to 99.49 session highs. Throughout Wednesday, the pair extended losses extending the bearish channel that started last November 12th. Breaking up the downward trendline, the pair consolidates a reverse and rally above the 99.40. At 99.41, it oscillates between the supports aligned at 99.36 (November 7th highs), 99 (October 17th highs) followed by 98.70 (October 2nd highs) and the resistances set at 99.71 (September 19th highs), 100.25 (September 2nd highs) followed by 100.67 (September 10th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis navigating below the EMA20.