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1 Oct 2013
USD/JPY remains pressured below 98.00
FXstreet.com (Córdoba) - The USD/JPY came under pressure Tuesday and erased previous days' gains as the US government entered a partial shutdown after lawmakers failed to agree on funding for the fiscal year that began just after midnight.
USD/JPY fell from a high of 98.72 all the way back to 97.65 before finding support during the European session. However, the pair remains within its well-known range as the news didn't really shake the market. Later, traders will be watching the US PMI, the ISM Manufacturing Index and construction spending in an event-heavy week ahead of the key NFP report Friday.
USD/JPY technical levels
As for technical levels, USD/JPY could face immediate supports at 97.65 (daily low) and 97.49 (Sep 30 low) ahead of the 97.10 area (Aug 15 & 21 lows), while on the other hand, resistances are seen at 98.70/72 (200-hour SMA/daily high) and 99.00 (psychological level).
USD/JPY fell from a high of 98.72 all the way back to 97.65 before finding support during the European session. However, the pair remains within its well-known range as the news didn't really shake the market. Later, traders will be watching the US PMI, the ISM Manufacturing Index and construction spending in an event-heavy week ahead of the key NFP report Friday.
USD/JPY technical levels
As for technical levels, USD/JPY could face immediate supports at 97.65 (daily low) and 97.49 (Sep 30 low) ahead of the 97.10 area (Aug 15 & 21 lows), while on the other hand, resistances are seen at 98.70/72 (200-hour SMA/daily high) and 99.00 (psychological level).