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16 Aug 2013
USD/JPY heavy support building at 97.00 level
FXstreet.com (New York) - The USD/JPY foreign exchange rate has been getting under tremendous pressure again Friday morning during Asian trading, following what was a disastrous day for the USD Thursday.
At this juncture, the USD/JPY is trading in the depths of 97.12 at the Tokyo open, facing heavy selling pressure below the key 97.20 level with myriad stops building at the 97.00 barrier, according to market sources.
With the Nikkei again being hammered at the opening, the USD/JPY will likely look to test support. Technically speaking, the pair will face support at 97.03 (June 25 low), ahead of 96.87 (June 21 low), and 96.21 (June 20 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “The short term indicators suggest more dollar weakness ahead and we could yet see a test of 97.00 and lower and just for the coming session, selling into rallies towards 97.70 may be a plan. However the dailies are still supportive of the dollar and it would seem that dips might be medium-term buying opportunities. If we go below 97.00 (61.8% of 95.90/98.64), further bids should be seen at 96.70 and at 96.55 (76.4). On the topside, there will be sellers at 97.50, 97.70 and again at 98.00.”
At this juncture, the USD/JPY is trading in the depths of 97.12 at the Tokyo open, facing heavy selling pressure below the key 97.20 level with myriad stops building at the 97.00 barrier, according to market sources.
With the Nikkei again being hammered at the opening, the USD/JPY will likely look to test support. Technically speaking, the pair will face support at 97.03 (June 25 low), ahead of 96.87 (June 21 low), and 96.21 (June 20 low).
USD/JPY strategic bias
According to Jim Langlands at FX Charts, “The short term indicators suggest more dollar weakness ahead and we could yet see a test of 97.00 and lower and just for the coming session, selling into rallies towards 97.70 may be a plan. However the dailies are still supportive of the dollar and it would seem that dips might be medium-term buying opportunities. If we go below 97.00 (61.8% of 95.90/98.64), further bids should be seen at 96.70 and at 96.55 (76.4). On the topside, there will be sellers at 97.50, 97.70 and again at 98.00.”