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16 Sep 2013
USD/JPY dumped below 98.75 on Fed Summers news
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 98.65 bids down from Friday's close at 99.35, off early session lows at 98.55 printed on the back of Fed candidate for chairmanship Larry Summers withdrawing from position race, taking USD down across the board as he was considered hawkish, on a holiday today in Tokyo with markets closed.
USD/JPY further sideways trading likely
“USD tried to rally but found resistance at 100.60 and pulled back,” said Trend Recognition analyst Alexander Nikolov, adding: “It seems the Triangle from the May 2013 top is still unfolding and currently the market is in wave E. If that's the case, further sideways trading with slight downside bias is likely to be seen in the next week or two. We need a break abv 101.50 to confirm the completion of the Triangular pattern and a rally twd 104.65 Fibonacci level. So, I remain bullish. On the downside, the key support is at 95.80 and a move below there will negate this analysis.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at mentioned recent session and Sept 06 lows 99.55/53, followed by August 23 lows at 98.38, and August 19 highs at 98.13. To the upside, closest resistance shows at Thursday's lows 98.99, followed by Friday's lows at 99.18, and Sept 10 lows at 99.45.
USD/JPY further sideways trading likely
“USD tried to rally but found resistance at 100.60 and pulled back,” said Trend Recognition analyst Alexander Nikolov, adding: “It seems the Triangle from the May 2013 top is still unfolding and currently the market is in wave E. If that's the case, further sideways trading with slight downside bias is likely to be seen in the next week or two. We need a break abv 101.50 to confirm the completion of the Triangular pattern and a rally twd 104.65 Fibonacci level. So, I remain bullish. On the downside, the key support is at 95.80 and a move below there will negate this analysis.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at mentioned recent session and Sept 06 lows 99.55/53, followed by August 23 lows at 98.38, and August 19 highs at 98.13. To the upside, closest resistance shows at Thursday's lows 98.99, followed by Friday's lows at 99.18, and Sept 10 lows at 99.45.