Forex: USD/JPY – still within triangle

on Aug 30, 2013
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_iNVEZZ.com August Friday 30th_: The USD/JPY yesterday registered 0.57 percent growth with the daily candle opening at 97.73 and closing at 98.30. The pair moved within a 107-pip trading range from 97.44 to 98.51. The upwards movement was limited around the lower line of the upwards channel, within which the pair has been trading from 11 to 27 August, and also around the descending four-hour 200-period simple moving average.

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Today’s Asian trading brought the price to an intraday high of 98.46 and subsequently fell to an intraday low of 97.87. At the beginning of the European session the price found support at the 89- and 200-hour simple moving averages, which are currently positioned respectively at 97.83 and 97.99. At press time the price is at 98.15, 0.15 percent below the opening price level. The pair is struggling to break free of the 98.00 level and continues to move around this mark.

The price action is still trapped within the triangle pattern within which the pair has been moving since the 22 May high of 103.73 and between the 89- and 200-day simple moving averages, which at the moment are currently residing at 98.74 and 96.70, closely following the converging lines of the triangle figure.
Right now the weekly loss is 0.56 percent.

Resistances: 98.50, 98.85 and 99.15.
Supports: 98.05, 97.45 and 96.85.
!fm[](/uploads/story/5204/usdjpydaily_3008.png)

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