3 Sep 2013
USD/JPY shooting up above 99.40
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at fresh session/1-month highs 99.56 up +1.4% so far for the week, ahead of a higher open in Tokyo for the Nikkei index according to futures markets.
USD/JPY advance towards 100 likely
“The USD/JPY closes the day above its 100 DMA, first time since August 5th, having broken the daily descendant trend line coming from this year high around 103.72,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows indicators still in overbought levels as price holds at daily highs, while moving averages slowly turn higher below current price. Pullbacks towards 98.90 price zone should see some buying interest, and if the level holds, chances for an advance towards 100.00 are likely, although market players will prefer to remain sidelined ahead of Thursday and Friday’s economic headlines.”
USD/JPY key technical levels
Bednarik finds support levels at: 98.90, 98.50 and 98.20, while resistance levels at: 99.40, 99.90 and 100.30.
USD/JPY advance towards 100 likely
“The USD/JPY closes the day above its 100 DMA, first time since August 5th, having broken the daily descendant trend line coming from this year high around 103.72,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows indicators still in overbought levels as price holds at daily highs, while moving averages slowly turn higher below current price. Pullbacks towards 98.90 price zone should see some buying interest, and if the level holds, chances for an advance towards 100.00 are likely, although market players will prefer to remain sidelined ahead of Thursday and Friday’s economic headlines.”
USD/JPY key technical levels
Bednarik finds support levels at: 98.90, 98.50 and 98.20, while resistance levels at: 99.40, 99.90 and 100.30.