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Forex pairs in this Article » USD/JPY
FXstreet.com (Córdoba) - Despite broad-based USD weakness given the government shutdown and as debt ceiling looms, the dollar has managed to advance somewhat against the yen Thursday, trimming previous days' losses.

USD/JPY capped by 100-hour SMA

The USD/JPY was supported by 97.13 Wednesday and has been correcting higher ever since, reaching a peak of 97.87 during the European session before the 100-hour SMA halted the rise. At time of writing, USD/JPY is trading at the 97.70 area, recording a 0.4% gain on the day.

USD/JPY technical outlook

"Current rebound above 97.13 low should be considered corrective in nature, thus preceding next leg downward, to 95.75 support zone", said Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 98.71 high. Initial intraday support is projected at 97.50".
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