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6 Aug 2013
USD/JPY trading near session lows
FXstreet.com (New York) - The USD/JPY foreign exchange rate has grinded lower Tuesday morning, navigating the region of its recent lows in the neighborhood of 98.24 during Asian trading.
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “While it looks to be rather choppy below 100 for the next few days, I am still eyeing the possibility of a longer term Head/Shoulder top. There is a lot of work to do before this can mature and it may never do so, but a break of 97.55 could eventually head to about 94.50, a break of which would suggest an accelerated drop towards 85.00. We shall see. If it happens it will take quite some time to play out, but is worth keeping an eye on.”
USD/JPY technical levels
Technically speaking, the USD/JPY is now trading at 98.25, incurring slight losses of -0.05% off its opening. Technically speaking, the pair is buoyed by supports at 98.29 (August 5 low), ahead of 97.95 (July 26 low), and 97.68 (July 29 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “While it looks to be rather choppy below 100 for the next few days, I am still eyeing the possibility of a longer term Head/Shoulder top. There is a lot of work to do before this can mature and it may never do so, but a break of 97.55 could eventually head to about 94.50, a break of which would suggest an accelerated drop towards 85.00. We shall see. If it happens it will take quite some time to play out, but is worth keeping an eye on.”
USD/JPY technical levels
Technically speaking, the USD/JPY is now trading at 98.25, incurring slight losses of -0.05% off its opening. Technically speaking, the pair is buoyed by supports at 98.29 (August 5 low), ahead of 97.95 (July 26 low), and 97.68 (July 29 low).