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2 May 2013
Forex: USD/JPY trading negatively at 97.24/26
FXstreet.com (Barcelona) - The USD/JPY has refused to break out of its consolidation Thursday, as the pair seems unable to break in either direction during the palpable buildup to the ECB rate decision later today. Following a grim intraweek run, the cross now trades negatively at 97.24/26, incurring a loss of -0.14% during European trading.
According to the ICN.com analyst team, “Trading below 97.35 keeps the possibility of the intraday downside move today, but breaching 97.35 might trigger a new ascending wave. Moreover, the stochastic and Linear Regression Indicators support extending the bearish move.”
Mataf.net analysts identify means of supportive correction at 96.96, then 96.67, and finally 96.31. On the ascension, a prolonged rise and paring of losses past the 97.62 mark will enable short-term resistances at 97.97, and eventually 98.27.
According to the ICN.com analyst team, “Trading below 97.35 keeps the possibility of the intraday downside move today, but breaching 97.35 might trigger a new ascending wave. Moreover, the stochastic and Linear Regression Indicators support extending the bearish move.”
Mataf.net analysts identify means of supportive correction at 96.96, then 96.67, and finally 96.31. On the ascension, a prolonged rise and paring of losses past the 97.62 mark will enable short-term resistances at 97.97, and eventually 98.27.