Forex: USD/JPY – 2.2% down yesterday

on Jul 11, 2013
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_iNVEZZ.com Thursday July 11th_: Yesterday the USD/JPY was ruled by the bears, who drove down the price by 2.20 percent. The pair initially fell to a low of 98.23, but retraced to close at 99.00, above the ascending 89-day moving average. 99.00 is also a support level, which offered resistance in the middle of June.

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Earlier today the pair fell to 98.25 and subsequently rebounded to 99.61. Currently the quote is trading at 99.20, above the 89-day simple moving average, a state of affairs which may hinder upside movement.
Today’s resistances: 99.00, 99.60 and 100.00.
Supports today: 98.25, 97.85 and 97.55.

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