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17 Apr 2013
Forex: USD/JPY testing the 98.00 barrier
FXstreet.com (Barcelona) - The USD/JPY has moved off its overnight highs of 98.45 Wednesday, gradually surrendering its gains across European trading. Still, the pair remains entrenched in positive territory and is testing the 98.00 barrier in these moments, up +0.53%.
According to Research Analyst Gareth Berry at UBS, “The USD/JPY has a bullish bias intraday, as the uptrend looks to persist and there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 95.80.”
“The linear regression indicators are positive confirming the formation of an Inverted Head and Shoulders Pattern. Despite that momentum indicators reflect a negative bias and intraday overbought signals, trading above 98.05 will cancel those pressures. Therefore, the bullish move might extend today.” suggests the ICN.com analyst team.
According to Research Analyst Gareth Berry at UBS, “The USD/JPY has a bullish bias intraday, as the uptrend looks to persist and there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 95.80.”
“The linear regression indicators are positive confirming the formation of an Inverted Head and Shoulders Pattern. Despite that momentum indicators reflect a negative bias and intraday overbought signals, trading above 98.05 will cancel those pressures. Therefore, the bullish move might extend today.” suggests the ICN.com analyst team.