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1 May 2013
Forex: USD/JPY finds bids above 97.00
FXstreet.com (Barcelona) - With Nikkei index down -0.37% for the day barely above the 13800 points, USD/JPY is last at fresh session lows 97.22, off late NY session highs at 97.60, ahead of key risk event of the Asian session in the form of China PMI at 01:00 GMT. The pair managed to bounce from fresh 2-week lows at 97 round, on the back of US weak data, and Yen strength.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Risk for the pair remains to the downside, as the hourly chart shows 100 SMA gaining bearish momentum above current price while indicators head south in negative territory,” the analyst notes, adding: “Bigger time frames also favor the downside, with next key support around 96.70, strong static support level. A break below this last should expose the pair to a deeper correction, with 94.0 then at sight for the upcoming weeks,” she suggests.
Valeria finds support levels at: 97.10, 96.70 and 96.35, while resistance levels at: 97.80, 98.20 and 98.60.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Risk for the pair remains to the downside, as the hourly chart shows 100 SMA gaining bearish momentum above current price while indicators head south in negative territory,” the analyst notes, adding: “Bigger time frames also favor the downside, with next key support around 96.70, strong static support level. A break below this last should expose the pair to a deeper correction, with 94.0 then at sight for the upcoming weeks,” she suggests.
Valeria finds support levels at: 97.10, 96.70 and 96.35, while resistance levels at: 97.80, 98.20 and 98.60.