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14 Aug 2013
USD/JPY poised for breakout despite narrow trading range
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been relegated to a rather narrow consolidation Wednesday (97.87 – 98.44), unable to break free thus far during US trading.
Technically speaking, the USD/JPY is now operating at 98.16, suffering a modest decline of -0.07% off its opening amidst a muted market Wednesday. With a lack of stimuli in the coming hours, a sideways consolidation is portended, though technically the pair remains sound. With the USD/JPY safely over the 97.80 support (200-day SMA), resistance is set to activate at 98.60 (August 6 high), followed by 99.08 (August 5 high).
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY trading range during the European session represented a failure to respond to the negativity showing on the stochastic. Moreover, linear regression indicators are facing an upside move forcing us to think that further bullishness might occur in the near-term.”
Technically speaking, the USD/JPY is now operating at 98.16, suffering a modest decline of -0.07% off its opening amidst a muted market Wednesday. With a lack of stimuli in the coming hours, a sideways consolidation is portended, though technically the pair remains sound. With the USD/JPY safely over the 97.80 support (200-day SMA), resistance is set to activate at 98.60 (August 6 high), followed by 99.08 (August 5 high).
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY trading range during the European session represented a failure to respond to the negativity showing on the stochastic. Moreover, linear regression indicators are facing an upside move forcing us to think that further bullishness might occur in the near-term.”