27 Nov 2013
USD/JPY trading a bit higher Wednesday after posting a bearish reversal candle Tuesday
FXstreet.com (Barcelona) - The USD/JPY is hovering at 101.395 – below the previous resistance range of 101.46 to 101.53 – after posting a daily breakout on Monday.
USD/JPY traders to monitor heavy flow of US data Wednesday
The data flow that may have an impact on the USD/JPY Wednesday includes: US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment Survey.
Technical outlook for USD/JPY
Technicians say the USD/JPY is trading back below the breakout level (or range) of 101.46 to 101.53. Technicians pointed out Monday that a daily breakout is great, but a weekly / monthly breakout would be far more convincing. The next resistance / target if 101.53 truly falls is the Fibonacci-generated 103.29. Support for the cross comes in at the 11/15 close at 100.17 and is followed up by last Tuesday’s low of 99.56.
USD/JPY traders to monitor heavy flow of US data Wednesday
The data flow that may have an impact on the USD/JPY Wednesday includes: US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment Survey.
Technical outlook for USD/JPY
Technicians say the USD/JPY is trading back below the breakout level (or range) of 101.46 to 101.53. Technicians pointed out Monday that a daily breakout is great, but a weekly / monthly breakout would be far more convincing. The next resistance / target if 101.53 truly falls is the Fibonacci-generated 103.29. Support for the cross comes in at the 11/15 close at 100.17 and is followed up by last Tuesday’s low of 99.56.