Forex: USD/JPY trading near opening levels at 78.71
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - The USDJPY has been relegated to a sideways movement during each successive trading session Monday, oscillating only 23 pips (78.63 intraday min, 78.86 intraday max) during the day. At the time of writing the pair has settled at 78.71, up a modest +0.03% during American trading.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The pair remains in near-term corrective mode off its 78.27 low, but has failed to break above initial barrier at previous range top at 78.80. However, we see potential for a move above the important barrier at 79.00 zone, exposing its 200 day MA at 79.30."
Drvenica has calculated the next pair's resistance levels to be at 78.80, 78.96, and 79.12. On the downside, a breach below the 78.44 support level will enable additional measures at 78.35, and finally 78.27.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The pair remains in near-term corrective mode off its 78.27 low, but has failed to break above initial barrier at previous range top at 78.80. However, we see potential for a move above the important barrier at 79.00 zone, exposing its 200 day MA at 79.30."
Drvenica has calculated the next pair's resistance levels to be at 78.80, 78.96, and 79.12. On the downside, a breach below the 78.44 support level will enable additional measures at 78.35, and finally 78.27.
Free Annual Reports
