26 Jul 2013
USD/JPY stabilizes above 98.00
FXstreet.com (New York) - The USD/JPY foreign exchange rate has recovered off of earlier lows that briefly touched below the 98.00 level during US trading Friday.
At the time of writing however, the USD/JPY has managed to sustain itself above this level, as it now is trading at 98.26, presently down -1.00% off its opening. Technically speaking, the USD/JPY is trading at the 98.20 support and will encounter additional means of correction at 97.75, calculates the Danske Research team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY maintains a negative pressure that is extended across the sessions today following the break at 38.2% correction at 98.55- Prolonged stability below the referred to level might extend bearishness today and into next week – the linear Regression Indicators support our expectations.”
At the time of writing however, the USD/JPY has managed to sustain itself above this level, as it now is trading at 98.26, presently down -1.00% off its opening. Technically speaking, the USD/JPY is trading at the 98.20 support and will encounter additional means of correction at 97.75, calculates the Danske Research team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY maintains a negative pressure that is extended across the sessions today following the break at 38.2% correction at 98.55- Prolonged stability below the referred to level might extend bearishness today and into next week – the linear Regression Indicators support our expectations.”