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15 Jul 2013
USD/JPY maintains tight consolidation above 99.00 region
FXstreet.com (New York) - The USD/JPY technical pair has traded sideways above the 99.00 region Monday, unable to record any sweeping movements with Japan off for Marine day.
Technically speaking, the USD/JPY is trading at 99.28, incurring a marginal loss of -0.07%, clinging to its 55-day MA Monday. The USD/JPY will encounter additional supports at 99.22 (200-day SMA), ahead of 98.99 (June 11 high) and 98.64 (June 24 high).
USD/JPY strategic bias
According to the TD Securities Team, “The USD/JPY has turned lower for daily trend channel resistance at 102.18 (formerly support), bolstering cloud chart resistance, and put renewed pressure on the cloud base at 98.15 this week. The turn lower in USD/JPY over last week overall appears quite decisive on the longer-term charts and we are inclined to look a little more closely at trends and downside prospects here.”
Technically speaking, the USD/JPY is trading at 99.28, incurring a marginal loss of -0.07%, clinging to its 55-day MA Monday. The USD/JPY will encounter additional supports at 99.22 (200-day SMA), ahead of 98.99 (June 11 high) and 98.64 (June 24 high).
USD/JPY strategic bias
According to the TD Securities Team, “The USD/JPY has turned lower for daily trend channel resistance at 102.18 (formerly support), bolstering cloud chart resistance, and put renewed pressure on the cloud base at 98.15 this week. The turn lower in USD/JPY over last week overall appears quite decisive on the longer-term charts and we are inclined to look a little more closely at trends and downside prospects here.”