19 Nov 2013
USD/JPY starting to rebound off session lows after some early Yen buying
FXstreet.com (Barcelona) - USD/JPY rebounding off of its first potential pullback support at 99.76 after a small five wave move lower since last Friday’s peak at 100.43.
USD/JPY traders waiting for guidance from data
USD/JPY traders will be watching Japan’s Leading Economic Indicators and Coincident Index early in the session as well as more Fed Heads speaking later during the US session.
Technical outlook for USD/JPY
Technicians are saying the USD/JPY seems to be in the early part of an “abc” upside correction after completing five waves lower since Friday’s peak of 100.43. Above that level comes the projected (via Elliott Wave techniques) resistance at 100.72. Initial support comes in at Thursday’s session low of 99.78 and is followed up by Fibonacci support at 99.35.
USD/JPY traders waiting for guidance from data
USD/JPY traders will be watching Japan’s Leading Economic Indicators and Coincident Index early in the session as well as more Fed Heads speaking later during the US session.
Technical outlook for USD/JPY
Technicians are saying the USD/JPY seems to be in the early part of an “abc” upside correction after completing five waves lower since Friday’s peak of 100.43. Above that level comes the projected (via Elliott Wave techniques) resistance at 100.72. Initial support comes in at Thursday’s session low of 99.78 and is followed up by Fibonacci support at 99.35.