Forex: USD/JPY still stands around 79.50
Forex pairs in this Article »
USD/JPY
FXstreet.com (San Francisco) - After closing in the 79.45 price zone for a second day, USDJPY still remains practically unchanged but trades slightly bid in early Asia, last at 79.55.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the pair "maintains a short term bearish stance" and "only steady gains above [79.60 (100-hour SMA)] will support an upward continuation towards the 80.00 area, as long as 79.10 recent low holds," she says in a research note.
Friday's daily pin print at dynamic support [100-day EMA (79.05); Sep 19 high (79.20)] supports the outlook for a deeper upside correction in the sessions ahead. Above the mentioned 79.60 level lies further resistance at 79.79 (38.2%, 84.16/77.12 downswing) and 79.95 (July 12 high), while bearish targets are noted at 78.92 (Sep 17 high), 78.75 (23.6% Fibo) and 78.57 (Oct 11 high).
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the pair "maintains a short term bearish stance" and "only steady gains above [79.60 (100-hour SMA)] will support an upward continuation towards the 80.00 area, as long as 79.10 recent low holds," she says in a research note.
Friday's daily pin print at dynamic support [100-day EMA (79.05); Sep 19 high (79.20)] supports the outlook for a deeper upside correction in the sessions ahead. Above the mentioned 79.60 level lies further resistance at 79.79 (38.2%, 84.16/77.12 downswing) and 79.95 (July 12 high), while bearish targets are noted at 78.92 (Sep 17 high), 78.75 (23.6% Fibo) and 78.57 (Oct 11 high).
Free Annual Reports
