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25 Mar 2013
Forex: USD/JPY erases gains to trade at 94.41/43
FXstreet.com (Barcelona) - The USD/JPY has taken a tumble during American trading Monday after a failed break at the 95.00 level earlier today. In these moments the pair is ceding ground, having erased all of its gains made during European trading to trade negatively at 94.41/43 or -0.09% off its opening.
Mataf.net analysts point to supports at 94.29, onto 93.83, and finally 93.45. Conversely, a paring of recent losses and a subsequent move to the upside will result in USD/JPY testing calculated resistance at 95.12, ahead of 95.49, and 95.95.
“The USD/JPY is close to key support of the ascending channel and is still stable above the 94.10 level. However, prolonged stability above the 94.10 mark might trigger an upside push during this week. Breaking 93.80 levels though and stability below it could cancel the bullish move and enter into a bearish correctional wave.” warns the ICN.com analyst team.
Mataf.net analysts point to supports at 94.29, onto 93.83, and finally 93.45. Conversely, a paring of recent losses and a subsequent move to the upside will result in USD/JPY testing calculated resistance at 95.12, ahead of 95.49, and 95.95.
“The USD/JPY is close to key support of the ascending channel and is still stable above the 94.10 level. However, prolonged stability above the 94.10 mark might trigger an upside push during this week. Breaking 93.80 levels though and stability below it could cancel the bullish move and enter into a bearish correctional wave.” warns the ICN.com analyst team.