USD/JPY: daily update
USD/JPY found support in the 97.60/65 area yesterday (50% retracement of an advance from June to July). On the upside the pair’s for the second day capped by the 100-day MA at 98.45. The pair’s inside the daily Ichimoku Cloud with top at 98.75 and bottom at 97.50. The picture is mixed and the fate of the pair will depend on to which direction US dollar will break the Cloud. Further resistance lies at 99.25, 99.70 and 100.18, while support is at 96.75 and 95.60.
Macquarie Bank: “We have run into pretty important support levels just below 98.00, and they’ve held. Technical traders will be thinking that signals a potential bounce in a short term.”
Still, Bank of America keeps targeting 93.65/93.73 and potentially the larger range lows at 90.91 before renewed basing.
Chart. H4 USD/JPY