Forex: USD/JPY limited below 88.70 despite bad Japan trade balance data
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - USDJPY is last at 88.47, off recent session highs at 88.68, spiking after worse than expected trade balance figures for Japan have been published, showing a trade deficit of ¥-641.5B, still slightly better than previous. Exports contracted a -5.8% on a yearly basis, being of -15.8% in exports to China. The pair has recovered from a fresh weekly low at 88.05, down for the week so far -1.83%. Nikkei opens around the 10500 points mark, up so far +0.13%.
As noted by Valeria Bednarik, Chief Analyst at Fxstreet.com: "the hourly chart shows price now below 100 and 200 SMA, while indicators turn south around their midlines after the upward correction. The 4 hours chart shows the downside still limited by a bullish 100 SMA around 88.30, while indicators lose upward potential in negative territory, all of which suggest the downside remains exposed: below 87.70 the downside potential will likely increase, with 86.60 area then at sight," the analyst says.
Valeria locates support levels at: 88.30, 88.00 and 87.70, while resistance levels at: 88.80, 89.10 and 89.45.
As noted by Valeria Bednarik, Chief Analyst at Fxstreet.com: "the hourly chart shows price now below 100 and 200 SMA, while indicators turn south around their midlines after the upward correction. The 4 hours chart shows the downside still limited by a bullish 100 SMA around 88.30, while indicators lose upward potential in negative territory, all of which suggest the downside remains exposed: below 87.70 the downside potential will likely increase, with 86.60 area then at sight," the analyst says.
Valeria locates support levels at: 88.30, 88.00 and 87.70, while resistance levels at: 88.80, 89.10 and 89.45.
Free Annual Reports
