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Forex pairs in this Article » USD/JPY
FXstreet.com (New York) - The USD/JPY recently bottomed out at the 95.14 level (intraday low) Wednesday, having recovered the mark of 95.53 in these moments.

Briefing the technicals, the pair is operating off of its opening at -0.49% in at the time of writing. The next supportive structure lies at the 94.97 level, with additional measures at 93.59 ahead of 91.58.

USD/JPY could retrace back to 93.50-95.00 zone

According to Tim Riddell, Head of Global Markets Research at ANZ, “The USD/JPY break below 97.00 has highlighted that correction may fit in a more standard profile and so the previous buying bias has been lowered to the market retracement zone, around 93.50-95.00.”

USD/JPY bullish weakness cautions buy on dips

“By examining the one-hour interval, we see that despite the recent price action, the USD/JPY’s move to the upside pushed it to stabilize above Linear Regression Indicators that provided a positive crossover but isn’t yet confirmed. On the other hand, momentum indicators are still showing the bullish move weakness; therefore we prefer to remain neutral today.” notes the Technical Analyst Team at ICN.com.
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