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10 Apr 2013
Forex: USD/JPY holding above 99.00
FXstreet.com (Barcelona) - USD/JPY is last at 99.07, off recent session lows at 98.90, and up +1.55% for the week so far. Nikkei index opens above the 13200 points mark, higher by +0.62% for the session, following banking lending in Japan showing highest increase since late 2009 at a +1.6% pace on yearly basis.
“The overall trend remains bullish besides technical readings that anyway favor such continuation, at least in the short term,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Risk of a bearish correction seems far, with a break below 98.40 needed to some bearish movement in the pair up to 97.50 support,” she suggests.
Valeria finds support levels at: 99.10, 99.80 and 98.40, while resistance levels at: 99.60, 100.00 and 100.45.
“The overall trend remains bullish besides technical readings that anyway favor such continuation, at least in the short term,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Risk of a bearish correction seems far, with a break below 98.40 needed to some bearish movement in the pair up to 97.50 support,” she suggests.
Valeria finds support levels at: 99.10, 99.80 and 98.40, while resistance levels at: 99.60, 100.00 and 100.45.