Forex: USD/JPY steady above 98

on Aug 14, 2013
Listen August Wednesday 14th_: Yesterday the USD/JPY moved further away from the August 8th low of 95.79 by gaining 0.94 percent. The daily candle opened at 97.18 and closed at 98.12. The trading range was from 97.13 to 98.33.

The Asian session today witnessed initially a fall to an intraday low of 97.85, the level which is also the second support for today. Subsequently the pair rose to an intraday high of 98.41 (the highest point for the past six trading days). At the moment the price is resident at 98.25.
With the psychological 98.00 level broken the USD/JPY is expected to rise further towards the upper line of the channel, within which the pair has been moving since 7 July.

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The temporary bottom at 95.79 allows a symmetrical triangle pattern to be drawn, which has been forming since the 22 May peak of 103.73. The upper line of the figure is currently projected between the key 100 and the 99.00 levels. A break through this line would likely take the price to the 103.73 level and beyond.
The price action since 103.73 is considered as a corrective movement of the long term uptrend from 77.12, which is expected to expand.
Resistance levels significant today: 98.60, 98.80 and 99.15.
Support levels important today: 98.10, 97.85 and 97.15.


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JPY Forex