Forex: USD/JPY – Northbound so far intraday

on Aug 16, 2013
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_iNVEZZ.com August Friday 16th_: The USD/JPY yesterday ended up shedding 0.71 percent of value, closing at 97.06. Initially the pair had risen to an 8-day high at 98.63, but steeply fell to the day’s low at 97.03, with the market seemingly unable to tolerate the 98.00 level. The daily candle formed a giant shooting star pattern, which is a decidedly bearish sign and the price may continue to drop.

So far today though, the USD/JPY has been rising within the range 97.04 to 97.74 and is currently in residence around 97.46. During Asian trading the pair hit the ascending 89-hour simple moving average, which acted as a resistance and repelled the price to the downside. And then, about an hour ago, the price met the descending 200-hour simple moving average which acted as a support and the pair is now trapped between these two trend indicators. Also today the price encountered resistance at the falling 4-hour 89-period SMA.

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To the downside, the fall should be limited by the lower line of the symmetrical triangle which has been forming since 22 May and the ascending 200-day SMA, which is currently residing at 96.09, right at the triangle’s lower line. The next level that could bring strong support would be the psychological 96.00.
Resistances today: 97.75, 98.30 and 98.65.
Supports: 97.40, 97.05 and 96.85.
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