USD/JPY: short-term trend in doubt
Forex4you | Sep 23, 2013 07:53AM ET
The USD/JPY pair has risen sharply, wrong-footing many investors who had been expecting more down-side. Thursday's unexpected surge - in particular above the 99.37 level - upset market expectations and leaves the direction of the short-term trend in doubt. A break above the 99.66 highs could signal more upside and would be quite bullish, leading perhaps to a move up to the underside of the major trend-line at 100.15 – and seems the slightly more likely possibility given the slight medium-term up-trend bias. There is no sign of a bullish switch yet, however, and if the pair continues drifting lower it will soon encounter substantial support at 98.70, where the 50% fibonacci level and the 50-day MA cluster together and both provide a major level of support.
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.