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16 Sep 2013
USD/JPY snaps back – hovers at 99.10, Fibonacci key level
FXstreet.com (Chicago) - USD/JPY is down 0.24% for the day on a poor performance day for the greenback. Under pressure, market participants weigh in Fed’s possible tapering and a plethora of US data due tomorrow before the US central bank meeting.
Tokyo closed – Greenback under pressure
Earlier in Japan, markets were closed on Respect of the Aged holiday. With a gap opening, the pair was exposed to the dollar’s performance which, after a painful start, pulled off a partial recovery. Hours away from the Fed’s meeting that will define tapering and amid rumors on who will replace Summers candidacy, market participants get ready for the closing of the American session.
USD/JPY Technical Levels
Price action reveals last week highs around 100. The pair extended a downward trendline until hitting 98.46 (today’s session lows) to bounce off and consolidate back above 99.00 (38.2% Fibonacci retracement from previous week peaks). Ahead of Wall Street’s closing, the pair remains capped at 99.20 (daily highs) and is offered at 99.12, down 0.24% from opening and oscillating between supports at 98.85 (August 25th highs), 98.62 (August 15th highs) ahead of 98.43 (August 29th highs) and resistances at 99.43 (September 9th lows), 99.77 (September 4th highs) followed by 100.21 (September 5th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Tokyo closed – Greenback under pressure
Earlier in Japan, markets were closed on Respect of the Aged holiday. With a gap opening, the pair was exposed to the dollar’s performance which, after a painful start, pulled off a partial recovery. Hours away from the Fed’s meeting that will define tapering and amid rumors on who will replace Summers candidacy, market participants get ready for the closing of the American session.
USD/JPY Technical Levels
Price action reveals last week highs around 100. The pair extended a downward trendline until hitting 98.46 (today’s session lows) to bounce off and consolidate back above 99.00 (38.2% Fibonacci retracement from previous week peaks). Ahead of Wall Street’s closing, the pair remains capped at 99.20 (daily highs) and is offered at 99.12, down 0.24% from opening and oscillating between supports at 98.85 (August 25th highs), 98.62 (August 15th highs) ahead of 98.43 (August 29th highs) and resistances at 99.43 (September 9th lows), 99.77 (September 4th highs) followed by 100.21 (September 5th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.