26 Nov 2013
USD/JPY taking a breather after closing Monday above key “correction resistance” at 101.46
FXstreet.com (Barcelona) - The USD/JPY cross did it! It managed to close Monday above the critical resistance range of 101.46 to 101.53. That’s a win for the bulls to be sure, but a weekly / monthly close above that resistance will confirm.
USD/JPY traders buying back in following BOJ Minutes
The Bank of Japan monthly Policy Meeting Minutes were released at around 23:50 GMT and reflected ongoing concerns on the part of the BOJ regarding risks to Japan’s economic growth. That sentiment put a quick halt to the downside correction that had been going on in the cross since late Monday.
Technical outlook for USD/JPY
Technicians say the USD/JPY is trading above the key “correction resistance” at 101.46 but back below the July 8th high of 101.53. Technicians like the daily close above 101.53, but would be far more impressed with a weekly and monthly close above that level. The next resistance / target if 101.53 truly 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 buying back in following BOJ Minutes
The Bank of Japan monthly Policy Meeting Minutes were released at around 23:50 GMT and reflected ongoing concerns on the part of the BOJ regarding risks to Japan’s economic growth. That sentiment put a quick halt to the downside correction that had been going on in the cross since late Monday.
Technical outlook for USD/JPY
Technicians say the USD/JPY is trading above the key “correction resistance” at 101.46 but back below the July 8th high of 101.53. Technicians like the daily close above 101.53, but would be far more impressed with a weekly and monthly close above that level. The next resistance / target if 101.53 truly 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.