USD/JPY: key support at 96.70

by Admin

The yen continues advancing against the dollar, with the USD/JPY pressuring this week low, around 97.35.  Repeated failure around 100.00 weights in the pair, and profits are being taken off the table, while buyers had turned much more discrete and bounces on dips, are being limited. Intraday technical readings turned bearish, with 1 and 4 hours charts showing indicators heading south in negative territory, and price developing below 100 SMA heading towards 96.70, key static support, as per several daily highs and lows around the level: market behavior around it, if reached, should draw a clearer picture for the upcoming days.

A clear break below the support, should lead to a short term continuation with 96.20 then as immediate bearish target, while steady losses below this last expose 94.10 price zone. A strong bounce from the support on the other hand, may see the pair recovering back to current levels, ahead of 98.00 price zone.

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