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Forex pairs in this Article » USD/JPY
FXstreet.com (New York) - The USD/JPY foreign exchange rate climbed back out of an earlier trough (97.76 intraday low), towards the 98.00 region Tuesday during US trading.

In the United States, the S&P/Case-Shiller Home Price Indices (YoY) rose +12.2% in May, missing expectations of +12.4%.

The USD/JPY has failed to break too far away from the 98.00 region this week, as this day figures to be more of the same with the pair now operating at 97.98, having now incurred a marginal gain of +0.01% above its opening. Briefing the technicals, the pair remains fortified by support at 97.71, ahead of 97.38, and 97.12. On the ascension, resistance will be tested at 98.30, notes the Mataf.net analyst team.

USD/JPY strategic bias

According to the Technical Analyst Team at ICN.com, “The USD/JPY failed to stabilize above Linear Regression Indicators or above 98.60 supporting the expected negativity. Stochastic became more negative and RSI currently tends to the downside despite being close to oversold areas. Trading below 38.2% Fibonacci causes further bearishness.”
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