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1 Nov 2013
USD/JPY drift lower has picked up some steam to the downside
FXstreet.com (Barcelona) - The USD/JPY cross has been in a downward drift throughout most of the session. In the last few minutes, though, the cross broke through short-term “correction support” at 98.27.
USD/JPY traders await US data later in the session
USD/JPY traders will get to react to US data and headlines during US trading hours including several Fed Head speeches and US ISM Manufacturing PMI.
Technical outlook for USD/JPY
Technicians say USD/JPY broke above horizontal line resistance at 98.47 earlier in the week– potentially opening up more upside for the cross. Instead, however, USD/JPY has crossed back below 98.47 and seems to want to correct lower. The next support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at 98.47 and then at the 10/17 peak at 98.99.
USD/JPY traders await US data later in the session
USD/JPY traders will get to react to US data and headlines during US trading hours including several Fed Head speeches and US ISM Manufacturing PMI.
Technical outlook for USD/JPY
Technicians say USD/JPY broke above horizontal line resistance at 98.47 earlier in the week– potentially opening up more upside for the cross. Instead, however, USD/JPY has crossed back below 98.47 and seems to want to correct lower. The next support comes in at the horizontal line of 97.61. Resistance for USD/JPY comes in at 98.47 and then at the 10/17 peak at 98.99.