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5 Aug 2013
USD/JPY easing below 99.00
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at fresh session lows 98.74, off recent session and weekly highs at 98.15, with Nikkei index is down -0.97% at around 14325.
USD/JPY looks to be rather choppy
“So while it looks to be rather choppy below 100 for the next few days, I am still eyeing the possibility of a longer term Head/Shoulder top,” said FX Charts analyst Jim Langlands, adding: “There is a lot of work to do before this can mature and it may never do so, but a break of 97.55 could eventually head to about 94.50, a break of which would suggest an accelerated drop towards 85.00.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at Friday's lows 98.65, followed by July 30 highs at 98.48, while to the upside closest resistance shows at July 16 lows 98.89, followed by recent session highs/July 23 lows at 99.12/15.
USD/JPY looks to be rather choppy
“So while it looks to be rather choppy below 100 for the next few days, I am still eyeing the possibility of a longer term Head/Shoulder top,” said FX Charts analyst Jim Langlands, adding: “There is a lot of work to do before this can mature and it may never do so, but a break of 97.55 could eventually head to about 94.50, a break of which would suggest an accelerated drop towards 85.00.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at Friday's lows 98.65, followed by July 30 highs at 98.48, while to the upside closest resistance shows at July 16 lows 98.89, followed by recent session highs/July 23 lows at 99.12/15.