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17 Apr 2013
Forex: USD/JPY bounces back above 98.00
FXstreet.com (Córdoba) - Yen strength resumed during the European session, briefly dragging USD/JPY below the 98.00 mark, after the latest recovery attempt was capped by the 100-hour SMA at the 98.40/45 area.
However, USD/JPY managed to find buyers at the 97.60 zone, and bounced back above 98.00 toward 98.10, where it is currently trading, still up 0.6% on the day.
In terms of technical levels, on the upside next resistances are seen at 98.35 (100-hour SMA), 98.55 (200-hour SMA) and 98.70 (Apr 15 high). On the downside, supports are seen at 97.60 (hourly lows), 97.30 (hourly lows Apr 16) and 97.00 (psychological level).
However, USD/JPY managed to find buyers at the 97.60 zone, and bounced back above 98.00 toward 98.10, where it is currently trading, still up 0.6% on the day.
In terms of technical levels, on the upside next resistances are seen at 98.35 (100-hour SMA), 98.55 (200-hour SMA) and 98.70 (Apr 15 high). On the downside, supports are seen at 97.60 (hourly lows), 97.30 (hourly lows Apr 16) and 97.00 (psychological level).