USD/JPY Testing 55-Day EMA Resistance
June 23, 2013 1:36 am GMT+0 in Chart Alert
We had mentioned that USD/JPY is near a very strong support zone of 93.46 to 93.56. 93.46 was 200-day moving average support and 93.56 was the 38.2% retracement for the move from 77.13 to 103.73. Our suggestion was for a cautious approach for any short-selling position. This was indicated in this previous chart alert for USD/JPY. The support came slightly above the indicated range and at 93.79.
USD/JPY recent support
The pair missed completing the 38.2% retracement just by 23 pips and jumped up. On one hand the strong jump suggests that the downward correction might have been completed but we will still be cautious for any long orders as the current price action is testing the 55-day EMA resistance. In fact even a break over this may again have challenges below 99.28.
USD/JPY and possible resistances
Possible support level for USD/JPY
An indicated in the above daily chart, in case of another fall, we expect strong support near 95.80. Any break below that may bring further consolidations.
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