26 Jul 2013
USD/JPY reacts higher on rising Japan CPI
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading near session highs at 99.37 following latest Japan CPI data showing 3rd consecutive month increase for first time since mid 2011.
USD/JPY bearish potential has increased
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “In the 1 hour chart, 100 SMA converges with 200 SMA now at 99.80, both gaining some bearish slope and anticipating further falls in the pair. In the 4 hours chart bearish potential has also increased, with indicators heading lower although still too close to their midlines.”
USD/JPY key technical levels
Bednarik locates support levels at: 99.20, 98.80 and 98.35, while resistance levels at: 99.70, 100.00 and 100.30.
USD/JPY bearish potential has increased
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “In the 1 hour chart, 100 SMA converges with 200 SMA now at 99.80, both gaining some bearish slope and anticipating further falls in the pair. In the 4 hours chart bearish potential has also increased, with indicators heading lower although still too close to their midlines.”
USD/JPY key technical levels
Bednarik locates support levels at: 99.20, 98.80 and 98.35, while resistance levels at: 99.70, 100.00 and 100.30.