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25 Nov 2013
USD/JPY trading above critical “correction resistance” at 101.46. Will it close that way?
FXstreet.com (Barcelona) - The USD/JPY cross is working on a major breakout attempt as it has managed to work its way through the 101.46 – 101.53 resistance level the bears had earmarked for their final stand.
USD/JPY traders US data later in the session to provide further guidance Monday
USD/JPY traders will be watching the release and reaction surrounding the US Pending Home sales and the Dallas Fed Manufacturing Index later in Monday’s session as there is no Japanese data due out today.
Technical outlook for USD/JPY
Technicians are saying the USD/JPY is trading above the key macro resistance range at 101.46 to 101.53. A close above that range will open up much more upside for the cross. The next resistance / target if 101.53 falls is the Fibonacci-generated 103.29. Support for the cross comes in at the 11/15 close at 100.17 and is followed up by last Tuesday’s low of 99.56.
USD/JPY traders US data later in the session to provide further guidance Monday
USD/JPY traders will be watching the release and reaction surrounding the US Pending Home sales and the Dallas Fed Manufacturing Index later in Monday’s session as there is no Japanese data due out today.
Technical outlook for USD/JPY
Technicians are saying the USD/JPY is trading above the key macro resistance range at 101.46 to 101.53. A close above that range will open up much more upside for the cross. The next resistance / target if 101.53 falls is the Fibonacci-generated 103.29. Support for the cross comes in at the 11/15 close at 100.17 and is followed up by last Tuesday’s low of 99.56.