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13 Mar 2013
Forex: USD/JPY capped below 96.00
Moments before Tokyo opens, with Nikkei index closing yesterday in the negative following another fresh 4.5-year high above the 11400 points mark, USD/JPY is last at 95.91, slightly below starting weekly price. The pair retraces from yesterday's Asian session fresh 3.5-year high at 96.70, ready for next BoJ chief Kuroda to step into office coming March 20.
As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “Although the long term bias is still to the upside, the short term view is bearish, with indicators heading south below their midlines,” the analyst says, expanding: “100 SMA around 95.50 comes as strong intraday support: if below, the slide may extend up to the 94.80 price zone today. As per the longer term, 94.00 comes as the key support to follow, as the level stands for the 38.2% retracement of the last years’ fall,” she concludes.
Valeria finds support levels at: 95.50, 95.20 and 94.80, while resistance levels at: 96.20, 96.70 and 97.20.
As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “Although the long term bias is still to the upside, the short term view is bearish, with indicators heading south below their midlines,” the analyst says, expanding: “100 SMA around 95.50 comes as strong intraday support: if below, the slide may extend up to the 94.80 price zone today. As per the longer term, 94.00 comes as the key support to follow, as the level stands for the 38.2% retracement of the last years’ fall,” she concludes.
Valeria finds support levels at: 95.50, 95.20 and 94.80, while resistance levels at: 96.20, 96.70 and 97.20.