Technical Analysis – USDJPY daily in trading range; upside breakout would resume uptrend

pierreapienaar
By pierreapienaar on Tue, Oct 15, 2013 - 6:25am

October 15, 2013 at 8:01 am GMT

 

The dollar marked a 2-week high against the yen on Tuesday, but traded in the middle of its range of the last 4 months or so.

 

The dollar marked a 2-week high against the yen on Tuesday, but traded in the middle of its range of the last 4 months or so. The dollar bounced strongly off the 96.50 area and it will be interesting how high this bounce can lead to.

 

The RSI is at 51, which represents a neutral level. Dollar/ yen is also trading close to its 50-day moving average. 

 

Important levels to look forward to are on the downside 96.55 – 95.80, which is the first area of support, followed by 93.86, which is the 6-month low. A decisive break of these levels would mark a reversal of the yen’s decline.

 

On the upside, some important levels are the 3-month high just above 100 yen at 100.60, followed by the year’s high of 103.71.

 

Source: XM

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