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USD/JPY Outlook: Pair Remains Under Pressure

Published 10/02/2013, 08:14 AM
Updated 02/21/2017, 08:25 AM

USD/JPY

The pair remains under pressure as fresh weakness off yesterday’s upside rejection at 98.71, threatens full retracement of near-term recovery rally from 97.48, 30/09 low. Negative near-term technicals favor further downside, as the price continues to channel lower off 100.60 high of 11/09, with break below 97.48, expected to open 96.80, 28/08 low. Larger picture studies are also negative that signals further retracement of larger 95.78/100.60 ascend as likely scenario. Immediate barrier lies at 98.28 and is expected to cap upside attempts. However, break here would ease bear-pressure and open key near-term hurdle at 98.71.

Resistance: 97.75; 98.00; 98.48; 98.71

Support: 97.48; 97.00; 96.90; 96.80

<span class=USD/JPY Hourly Chart" title="USD/JPY Hourly Chart" src="https://d1-invdn-com.akamaized.net/content/picb9b8d8dd5dc722d9a62ea267c3ca6291.png" height="400" width="800">

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