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3 Oct 2013
USD/JPY retracing from 97.70 session highs
FXstreet.com (Chicago) - USD/JPY advances to 97.70 highs but retraces minimally on yen’s weakening dragged by a stronger Nikkei.
Uplifting Asian stocks, better than expected Chinese data triggered reactions among market participants who recently digested international investment in Japan that improves and the ongoing political crisis in the US.
USD/JPY Technical Levels
Despite printing higher lows and highs, price action reveals strong a resistance around 97.70 zone (double tops with previous journey highs). Dragged down by a stronger Nikkei now printing 0.07% gains from initial 0.16% losses the pair trades at 97.56 and oscillates between supports aligned at 97.44 (September 28th lows), 96.92 (August 20th lows) ahead of 96.41 (August 13th lows) and resistances set at 98.34 (September 25th lows), 99.12 (September 28th highs) followed by 100 (September 13th highs). According to the FXstreet.com trend index, the pair is reported as slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Uplifting Asian stocks, better than expected Chinese data triggered reactions among market participants who recently digested international investment in Japan that improves and the ongoing political crisis in the US.
USD/JPY Technical Levels
Despite printing higher lows and highs, price action reveals strong a resistance around 97.70 zone (double tops with previous journey highs). Dragged down by a stronger Nikkei now printing 0.07% gains from initial 0.16% losses the pair trades at 97.56 and oscillates between supports aligned at 97.44 (September 28th lows), 96.92 (August 20th lows) ahead of 96.41 (August 13th lows) and resistances set at 98.34 (September 25th lows), 99.12 (September 28th highs) followed by 100 (September 13th highs). According to the FXstreet.com trend index, the pair is reported as slightly bullish on one-hour timeframe analysis with a neutral EMA20.