27 Nov 2013
USD/JPY’s jump’s short-lived; under 101.40
FXstreet.com (Chicago) - USD/JPY attempted to reach the 101.40 front unsuccessfully extending the bearish channel that started at the closing of WS.
Perspective
According to Valeria Bednarik, FXstreet.com Chief Analyst, “the USD/JPY breaks lower reaching fresh weekly lows as US session fades, nearing the 100 SMA in the hourly chart currently at 101.15 and immediate support. Indicators in the same time frame gain bearish momentum below their midlines as 4 hours chart also shows an increasing bearish potential that suggests a test of 100.45 former high for the upcoming hours if the 101.00 level gives up.” The Nikkei opened 0.65% down.
USD/JPY Technical Levels
Price action reveals the pair stalls after retracement from the 101.90 zone earlier this week. Despite pulling off a 101.65 attack, the pair was unable to breakthrough previously mentioned limit. Offered at 101.26, the pair navigates between the supports aligned at 100.52 (November 20th highs), 99.55 (November 18th lows) ahead of 98.75 (November 5th highs) and the resistances set at 101.32 (November 22nd highs), 101.91 (November 24th highs) followed by 103.37 (May 20th highs).
Perspective
According to Valeria Bednarik, FXstreet.com Chief Analyst, “the USD/JPY breaks lower reaching fresh weekly lows as US session fades, nearing the 100 SMA in the hourly chart currently at 101.15 and immediate support. Indicators in the same time frame gain bearish momentum below their midlines as 4 hours chart also shows an increasing bearish potential that suggests a test of 100.45 former high for the upcoming hours if the 101.00 level gives up.” The Nikkei opened 0.65% down.
USD/JPY Technical Levels
Price action reveals the pair stalls after retracement from the 101.90 zone earlier this week. Despite pulling off a 101.65 attack, the pair was unable to breakthrough previously mentioned limit. Offered at 101.26, the pair navigates between the supports aligned at 100.52 (November 20th highs), 99.55 (November 18th lows) ahead of 98.75 (November 5th highs) and the resistances set at 101.32 (November 22nd highs), 101.91 (November 24th highs) followed by 103.37 (May 20th highs).