17 July 2013 Wednesday Daily Yen Pairs analysis by tradingforex.com
Wednesday will be first day for Fed Chairman Bernanke to testify against congress, market participant will pay attention to hint or clues on Fed’s exit strategy. Most of today’s move will be driven by the anticipation of the news, so we recommend traders to wait and see first the result and the sentiment of the market.
USD/JPY
Not able to stay above support yesterday, USD/JPY is trying to go above the broken trendline, but rejected in the process. We think there is more room for bear in USD/JPY, close below yesterday low will open room for 98.30.
Today important level to watch:
Resistance: 99.5, 100, 100.46, 100.7
Support: 98.26, 97.85, 97.00
EUR/JPY
Moving in a different direction than USD/JPY, EUR/JPY successfully maintains position above the support trend line, resistance currently at 130.6. If price can close above the resistance, we will see further bullish movement for 131.1. We favor Long position when price returns to trend line.
Today important level to watch:
Resistance: 130.5, 131.1, 131.70
Support: 130.3, 130, 129.1, 128.9