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18 Jun 2013
USD/JPY falls off intraday highs
FXstreet.com (New York) - The USD/JPY foreign exchange rate stalled at the 95.81 level Tuesday during US trading, triggering a movement that was erasing gains in these moments.
USD/JPY negative expectations intact
According to the Technical Analyst Team at ICN.com, “The USD/JPY is touching around Linear Regression Indicator 34 and is approaching resistance level represented in 95.50 levels. Prolonged stability below the mentioned resistance supports keeps our negative expectations and ignoring any positive signal shown on momentum indicators.”
Following the recent easing, the USD/JPY is still residing in positive territory at 95.56, still advancing at +1.09% Tuesday. “The weakness since mid–May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43. Resistance is at 96.10, suggesting a bearish intraday outlook.” Notes Gareth Berry, a Research Analyst at UBS.
“The USD/JPY has ground to a halt just above the 93.58 38.2% Fibonacci retracement of the 2012-13 rise, that has thus far held the initial test. Near-term rallies are expected to remain tepid and should fail at 97.12/99.41 to leave overall pressure still on the downside. Failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43.” warns Karen Jones, an analyst at Commerzbank.
USD/JPY negative expectations intact
According to the Technical Analyst Team at ICN.com, “The USD/JPY is touching around Linear Regression Indicator 34 and is approaching resistance level represented in 95.50 levels. Prolonged stability below the mentioned resistance supports keeps our negative expectations and ignoring any positive signal shown on momentum indicators.”
Following the recent easing, the USD/JPY is still residing in positive territory at 95.56, still advancing at +1.09% Tuesday. “The weakness since mid–May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43. Resistance is at 96.10, suggesting a bearish intraday outlook.” Notes Gareth Berry, a Research Analyst at UBS.
“The USD/JPY has ground to a halt just above the 93.58 38.2% Fibonacci retracement of the 2012-13 rise, that has thus far held the initial test. Near-term rallies are expected to remain tepid and should fail at 97.12/99.41 to leave overall pressure still on the downside. Failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43.” warns Karen Jones, an analyst at Commerzbank.