18 Nov 2013
USD/JPY falls below 100.00 amid profit taking
FXstreet.com (San Francisco) - After bouncing at 99.80 and attempting to recover above the 100.00, the USD/JPY was capped at 100.20 where the pair was launched back to trade at 99.90.
The USD/JPY is seeing profit taking after the rally to 100.40 in the last week. Now the pair is trading at 99.97, still far from 100.60 resistance level. "The latest buying interest is not enough to call an upward continuation, considering the pair broke above the key psychological mark mid past week ago," FXstreet.com's Chief Analyst Valeria Bednarik comments. "In fact, and considering price behavior over the past 5 months, the pair may be well presenting an interim top. Unless steady gains above 100.70, the downside is favored."
The dollar is performing 0.23% negative on the day against the Japanese Yen. The short term perspective is strongly bearish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is neutral.
Above the 100.00, next resistances are at 100.20 and 100.40. On the downside, supports are at 99.80, 99.45 and 99.15.
The USD/JPY is seeing profit taking after the rally to 100.40 in the last week. Now the pair is trading at 99.97, still far from 100.60 resistance level. "The latest buying interest is not enough to call an upward continuation, considering the pair broke above the key psychological mark mid past week ago," FXstreet.com's Chief Analyst Valeria Bednarik comments. "In fact, and considering price behavior over the past 5 months, the pair may be well presenting an interim top. Unless steady gains above 100.70, the downside is favored."
The dollar is performing 0.23% negative on the day against the Japanese Yen. The short term perspective is strongly bearish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is neutral.
Above the 100.00, next resistances are at 100.20 and 100.40. On the downside, supports are at 99.80, 99.45 and 99.15.