Forex: USD/JPY looking closely at 100.00

on Jul 2, 2013
Listen Tuesday July 02nd_: The pair didn’t test 100.00 yesterday, topping out at a high of 99.85. Today’s high so far of 99.89 has inched closer, but since that point the price has been dropping and right now is staying at 99.67.

The recent uptrend from 13 June’s 93.77 has been and continues to be supported by the MA89 and MA200, both moving below the price action on the 1H, 4H and daily timeframes, and by the MACD indicator being on the positive side on the same charts.
The last four daily candlesticks have formed smaller bodies, each compared to the previous one, indicating a slowdown in the uptrend near the 100.00 level. The pair will likely need some specific stimulus to break through the psychological mark.

Resistance levels: 99.94/100.00, 100.25 and 100.60.
Support levels: 99.55, 99.15 and 98.65.
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