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28 Aug 2013
USD/JPY recovery stalls at 97.85
FXstreet.com (Córdoba) - The recovery of the USD/JPY from a 2-week low scored during the Asian session stalled just ahead of the 98.00 mark during the New York trade, confining USD/JPY to a quieter phase.
Despite the risk off mood, USD/JPY rose over 100 pips from a low of 96.81 as short-term indicators corrected from oversold levels, but the bounce was capped by the 97.85 area. At time of writing, USD/JPY is trading around 97.65, where it records a 0.7% gain on the day.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find immediate resistances at 97.85 (daily highs) and 98.00 (psychological level), while supports could be found at 97.30 (20-hour SMA) and 97.00 (psychological level) ahead of 96.81 (daily low).
Despite the risk off mood, USD/JPY rose over 100 pips from a low of 96.81 as short-term indicators corrected from oversold levels, but the bounce was capped by the 97.85 area. At time of writing, USD/JPY is trading around 97.65, where it records a 0.7% gain on the day.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find immediate resistances at 97.85 (daily highs) and 98.00 (psychological level), while supports could be found at 97.30 (20-hour SMA) and 97.00 (psychological level) ahead of 96.81 (daily low).