USD/JPY Pulls Back From 103.37
Franco Shao | Dec 03, 2013 09:28PM ET
Being contained by the resistance of 103.73 (May 22 high), the USD/JPY pulls back from 103.37 and breaks below the lower line of the price channel on 4-hour chart, suggesting that consolidation of the uptrend from 96.94 is underway. Sideways movement in a range between 101.50 and 103.37 would likely be seen over the next several days. Key support is at 101.00, as long as this level holds, the uptrend from 96.94 could be expected to resume, and one more rise towards 105.00 is still possible. On the downside, a breakdown below 101.00 will indicate that the upward movement from 96.94 had completed at 103.37 already, then the following downward movement could bring price back to 95.00 zone.
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.