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26 Aug 2013
USD/JPY pulling back – technicians eyeing intraday projected support of 98.38
FXstreet.com (Barcelona) - The USD/JPY is pulling back in what appears to be a technically-driven sell-off. Support should come into play at 98.38, however, if the technicians’ read is correct.
USD/JPY traders will be monitoring US data in the early part of the US session
Traders of USD/JPY will be tuned into the US Durable Goods data at 12:30 GMT and the Dallas Fed Manufacturing Index at 14:30 GMT for the only data-related guidance on Monday. There will be no Japanese data released until Wednesday – unless Prime Minister Abe and friends decide to make some unscheduled public comments.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook is bearish according to technicians. They have the ultimate downside target at 92.53. However, short-term they still are calling for a trading target in the Yen of 99.69 as the current upside correction plays out. Very short-term support comes in at the Elliott Wave-projected 98.38 level. Below that, short-term support comes in at 98.06 – the highest closing hourly peak from 8/18.
USD/JPY traders will be monitoring US data in the early part of the US session
Traders of USD/JPY will be tuned into the US Durable Goods data at 12:30 GMT and the Dallas Fed Manufacturing Index at 14:30 GMT for the only data-related guidance on Monday. There will be no Japanese data released until Wednesday – unless Prime Minister Abe and friends decide to make some unscheduled public comments.
Technical outlook for USD/JPY
The USD/JPY’s long-term outlook is bearish according to technicians. They have the ultimate downside target at 92.53. However, short-term they still are calling for a trading target in the Yen of 99.69 as the current upside correction plays out. Very short-term support comes in at the Elliott Wave-projected 98.38 level. Below that, short-term support comes in at 98.06 – the highest closing hourly peak from 8/18.