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15 Aug 2013
USD/JPY hits ceiling at 97.80
FXstreet.com (Chicago) - USD/JPY has been unable to surpass 97.80 zone since falling from 98.30 intraday highs.
Price action indicates bearish pressure outweighs bullish sentiment as the pair seems to bounce off lows to retrace back from highs repetitively within the past hour. Trading at 97.71, the pair navigates between supports at 97.51 (August 6th lows) and 97.31 (August 13th highs) ahead of 97.16 (June 23rd lows) and resistances at 97.81 (August 3rd lows), 98.00 (June 22nd lows) followed by 98.24 (July 9th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
Speculations on economic recovery persist after the Japan Cabinet reported descending deflation evidence, employment upgrades implying improvements, and factual references to steady growth. A plethora of data will be released in the United States later one starting at 12:15 GMT with Bullard’s speech on never-ending indecision for the US monetary stimulus.
Price action indicates bearish pressure outweighs bullish sentiment as the pair seems to bounce off lows to retrace back from highs repetitively within the past hour. Trading at 97.71, the pair navigates between supports at 97.51 (August 6th lows) and 97.31 (August 13th highs) ahead of 97.16 (June 23rd lows) and resistances at 97.81 (August 3rd lows), 98.00 (June 22nd lows) followed by 98.24 (July 9th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
Speculations on economic recovery persist after the Japan Cabinet reported descending deflation evidence, employment upgrades implying improvements, and factual references to steady growth. A plethora of data will be released in the United States later one starting at 12:15 GMT with Bullard’s speech on never-ending indecision for the US monetary stimulus.