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19 Aug 2013
USD/JPY, stalled and still below 98.00 zone
FXstreet.com (Chicago) - USD/JPY has given in 0.05% this past hour despite 0.40% gains throughout the day. In Japan, the Nikkei closed up 0.79% after opening with losses.
Data released in Japan evidences a negative trade balance at -1,024.0B vs. expected -785.6B yen. The leading economic index dropped to 107.2 vs. a previous 110.7, strengthening the dollar as investors continue expectant to the Fed’s decision.
Price action reveals a corrective price movement as the pair has change less than 6 pips over the last hour. At 97.92, the pair trades between supports at 97.81 (June 26th lows), 97.51 (August 6th lows) ahead of 97.22 (August 16th lows) and resistances at 98.00 (June 23rd highs), 98.30 (June 28th highs) followed by 98.58 (August 14th highs). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis with a price trading above the EMA20.
Data released in Japan evidences a negative trade balance at -1,024.0B vs. expected -785.6B yen. The leading economic index dropped to 107.2 vs. a previous 110.7, strengthening the dollar as investors continue expectant to the Fed’s decision.
Price action reveals a corrective price movement as the pair has change less than 6 pips over the last hour. At 97.92, the pair trades between supports at 97.81 (June 26th lows), 97.51 (August 6th lows) ahead of 97.22 (August 16th lows) and resistances at 98.00 (June 23rd highs), 98.30 (June 28th highs) followed by 98.58 (August 14th highs). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis with a price trading above the EMA20.