Forex: USD/JPY – First resistance today at 97.00

on Aug 9, 2013
Listen August Friday 9th_: Yesterday the USD/JPY was in descent mode until 15.00 BST, when the price action turned bullish. The daily candle had opened at 96.55, risen to hit a high at 96.92 and subsequently fallen to a low at 95.79 (also a 42-day low). After that though, the price started to climb, with the candle closing at 96.75 for a gain of 0.20 percent on the day.

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The change of direction yesterday happened a few pips above the ascending 200-day simple moving average. The MACD (9,12,1) crossed the zero line to enter positive terrain.
Also yesterday, the RSI (14) exited the oversold zone below the 30 line on the 4H chart, indicating a weakening in the downwards movement and the prospect of a correction.
The beginning of trading today saw what has proven to be an ongoing intraday high at 96.96. The intraday low so far, at 96.31, was reached a few hours later. Currently the pair is visiting 96.70 and seems to be preparing to again test the 96.75 minor resistance.
The lower line of the falling channel broken to the downside on Wednesday is passing right through the 97.00 resistance, a phenomenon with the potential to propel the price action back downwards.
Today’s resistance levels: 97.00, 97.35 and 97.75.
Today’s support: 96.30, 96.10 and 95.80.


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