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20 Aug 2013
USD/JPY, enzo circle?
FXstreet.com (Chicago) - USD/JPY reached 98.00 throughout the journey but failed to sustain performance as the pair dropped below 98.00 zone to trade at 97.55. Bouncing off from 97.36 intraday lows, the pair erased earlier gains to pocket 0.04% gains vs. 0.40% not-attained earlier potential gains.
Red Rumors
Wall Street closed with losses with the Dow down 0.47%, the Nasdaq down 0.38% and the S&P printing 0.59% losses. In Japan, the Nikkei had closed up 0.70%. Rumors continue to focus on the Fed’s tapering and whether or not the US economy is recovering. Ahead of the Jackson Hole Symposium to be held in Kansas later this week, market participants expect confirmation or destruction of projections.
Ever tried, ever failed, no matter, try again, fail again, fail better?
Price action indicates the pair erased most of its gains as positive expectancy had reached over 0.40% but faded to 0.04% at the end of the American trading session. The price went back to its initial price range around 97.50 zone. At 97.57, the pair navigates between supports at 97.51 (August 6th lows), 97.22 (August 16th lows) and 97.00 (August 16th lows) and resistances aligned at 97.81 (June 26th lows), 98.00 (July 28th lows) followed by 98.30 (July 11th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis with a current price below EMA20.
Red Rumors
Wall Street closed with losses with the Dow down 0.47%, the Nasdaq down 0.38% and the S&P printing 0.59% losses. In Japan, the Nikkei had closed up 0.70%. Rumors continue to focus on the Fed’s tapering and whether or not the US economy is recovering. Ahead of the Jackson Hole Symposium to be held in Kansas later this week, market participants expect confirmation or destruction of projections.
Ever tried, ever failed, no matter, try again, fail again, fail better?
Price action indicates the pair erased most of its gains as positive expectancy had reached over 0.40% but faded to 0.04% at the end of the American trading session. The price went back to its initial price range around 97.50 zone. At 97.57, the pair navigates between supports at 97.51 (August 6th lows), 97.22 (August 16th lows) and 97.00 (August 16th lows) and resistances aligned at 97.81 (June 26th lows), 98.00 (July 28th lows) followed by 98.30 (July 11th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis with a current price below EMA20.