USD/JPY Outlook: Pair Trades In Near-Term Consolidative Mode
FinFX | Oct 21, 2013 04:09AM ET
USD/JPY
The pair trades in near-term consolidative mode, off fresh low at 97.54, with upside being capped at 98.14 for now. Prevailing negative tone on 4-hour chart, keeps the downside at risk, with fresh weakness through 97.54, also near 61.8% retracement of 96.55/98.99 upleg, to open way for further easing and expose 97.13/00, 76.4% retracement and round-figure support.
Conversely, fresh bulls, built on hourly chart, may prolong consolidative phase and possibly shift near-term focus higher, in case price sustain break above 98.27/44, Fibonacci 50% / 61.8% retracement of 98.99/97.54 downleg.
Resistance: 98.14; 98.27; 98.44; 98.65
Support: 97.91; 97.76; 97.54; 97.13
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.