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Forex pairs in this Article » USD/JPY
FXstreet.com (Chicago) - USD/JPY reached 99.70 highs but was unable to maintain performance. At 99.57, the pair attempts to outweigh bearish pressure unsuccessfully.

Perspective

According to Jim Langlands from FXcharts, “the dollar climbed to a 4 week high against the yen as traders began to focus on the possibility of the Fed winding back their stimulus programme sooner than previously anticipated. It has yet to reach 100 though although added pressure was put on the Yen after the release of the data yesterday, which showed that Japan continued to see net capital outflow in terms of security investments in October. It was reported that residents’ buying of foreign bonds and notes exceeded sales, for the 4th consecutive month, keeping the dollar underpinned. Overall though, little has changed from a technical point of view. Although the dollar has taken out some of the resistance levels as it inches its way towards 100, having touched 99.80, it has come off its high and is currently sitting up against the Fibo resistance at 99.65 (76.4% of 100.36/96056).”

USD/JPY Technical Levels

Price action reveals an intense battle between bears and bulls with the latter losing strength against heavier sellers. Offered at 99.5, the pair navigates between the supports aligned at 99.36 (November 7th highs), 99 (November 11th lows), 98.70 (November 6th highs) and the resistances set at 99.71 (September 19th highs), 100.25 (September 2nd highs) followed by 100.60 (September 15th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis navigating above the EMA20.
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