Forex: USD/JPY testing the key 80.00 level 7-11-2012
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FXstreet.com (Barcelona) - After losing its handle on the 80.00
level today earlier today, the USD/JPY is stubbornly recovering
lost pips to retest the vital region in recent minutes at the onset
of American trading. Regardless of whether this key hurdle can be
overtaken, the pair is still trading firmly in negative territory,
operating at a -0.49% loss.
Later today Japan is scheduled to release myriad indicators
beginning at 23:50 GMT, which includes Machine Tool Orders, Foreign
Investment figures, and Trade Balance statistics.
According to the technical analyst team at ICN.com, "The USD/JPY
maintains its fluctuating stance, operating below the key
resistance at 80.60 and above key support at 79.60. Accordingly,
our previous neutral scenario remains valid for the rest of the
day."
The cross is presently testing support at the key 80.00 level,
after which the USD/JPY faces additional corrective measures at
79.80, 79.60, and 79.25. On the ascension, a break above the 80.50
handle will trigger resistances at 80.75 onto 81.05 and 81.25,
writes the analyst team at ICN.com.
