USD/JPY below 99.00
USD/JPY opened the week with a 55-pip gap down from the Friday’s close at 99.23, recovered to 99.10 and then slipped back below the 99.00 mark. We see that the pair dipped to the bottom of the H4 Ichimoku and is now trading below the 100- and 50-day MAs.
The US dollar was undermined by the news that the “hawkish” candidate Larry Summers decided to withdraw from the Fed Chairman’s race. Today it is a bank holiday in Japan. Dynamics of the pair today will directly depend on the US statistics (forecasts are positive).
Resistance for the pair is now seen at 99.10, 99.50, 99.80 and 100.00, while support lies at 98.50, 98.20, 98.00 and 97.50.
Chart. H4 USD/JPY