Back
8 Apr 2013
Forex: USD/JPY stalls below almost 4-year highs 98.85
FXstreet.com (Barcelona) - USD/JPY is currently correcting to 98.38 last from fresh session and almost 4-year highs at 98.85. The pair opened the week in Asia-Pacific with a gap higher from previous weekly close Friday around 97.54, few pips off previous multi-month highs, on the back of “reports that BOJ to start accelerating bond purchases,” said IFRMarkets, what caused “triggering stops.”
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows a strong upward momentum with 100 SMA crossing to the upside 200 one, both around 94.60, quite below current price yet signaling the upward potential the pair has,” the analyst notes, adding: “As for bigger time frames technical readings are also strongly bullish despite the gap around 97.50,” she concludes.
Valeria finds support levels at: 98.05, 97.80 and 97.50, while resistance levels: 98.80, 99.10 and 99.45.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows a strong upward momentum with 100 SMA crossing to the upside 200 one, both around 94.60, quite below current price yet signaling the upward potential the pair has,” the analyst notes, adding: “As for bigger time frames technical readings are also strongly bullish despite the gap around 97.50,” she concludes.
Valeria finds support levels at: 98.05, 97.80 and 97.50, while resistance levels: 98.80, 99.10 and 99.45.