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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY started Thursday’s journey losing against a stronger yen expectant of foreign bond and investment in stocks data in Japan.

According to Valeria Bednarik, analyst, “the USD/JPY held around its daily high of 98.80, having shown little action over US session. Asian advance was just enough to put price above 100 SMA in the hourly chart, still offering support around 98.50, although the neutral stance remains intact both in the short and the long term. A daily descendant trend line coming from 103.70 stands today around 99.10 and steady gains above may see the pair approaching 100.00 particularly if US data overcomes expectations.” The US is to release GDP data later today.

USD/JPY Technical Levels

Technically speaking, the pair is offered at 98.62 and oscillates between the supports aligned at 98.38 (October 31st highs), 98 (October 30th lows) ahead of 97.46 (October 29th lows) and the resistances aligned at 98.69 (October 30th highs), 99 (October 16th highs) followed by 99.36 (September 20th highs).
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