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27 Aug 2013
USD/JPY opens up fresh losses, 97.00 level in jeopardy
FXstreet.com (New York) - The USD/JPY foreign exchange rate crumbled to fresh lows Tuesday, hurt by mounting risk aversion across US trading.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped affected by failing to stabilize above 98.60 levels yesterday, as we see it getting closer to 50% correction at 97.65. Breaking the referred to level might extend bearishness. Meanwhile, the stochastic is showing negativity and RSI traded in a downside move below line 50, therefore we think that the downside move might extend. It is important to stabilize below 97.65 to achieve these expectations.”
With the downside seemingly relentless thus far, the USD/JPY has now moved to test session lows (97.00), now operating at 97.09 at the time of writing, en route to a massive decline of -1.37%. Briefing the technicals, the USD/JPY remains insulated by supports at 97.05, ahead of 96.75, and 96.55, calculates the Danske Research Team.
USD/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped affected by failing to stabilize above 98.60 levels yesterday, as we see it getting closer to 50% correction at 97.65. Breaking the referred to level might extend bearishness. Meanwhile, the stochastic is showing negativity and RSI traded in a downside move below line 50, therefore we think that the downside move might extend. It is important to stabilize below 97.65 to achieve these expectations.”
With the downside seemingly relentless thus far, the USD/JPY has now moved to test session lows (97.00), now operating at 97.09 at the time of writing, en route to a massive decline of -1.37%. Briefing the technicals, the USD/JPY remains insulated by supports at 97.05, ahead of 96.75, and 96.55, calculates the Danske Research Team.