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2 Oct 2013
USD/JPY finds support ahead of 97.00
FXstreet.com (Córdoba) - The USD/JPY extended losses to fresh lows during the American session, as the greenback weakened broadly.
The dollar dipped to a fresh 1-month low against the yen, weighed by lower-than-expected ADP report, but found support at 97.14 and bounced slightly. At time of writing, USD/JPY is trading at 97.30, still 0.7% below its opening price.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that USD/JPY holds a strong bearish momentum in the hourly chart, supporting further falls for current session. "In the 4 hours chart, technical readings also head south in negative territory, while 200 DMA stands around 96.40, offering next big support ahead of 95.80, August low", Bednarik said.
The dollar dipped to a fresh 1-month low against the yen, weighed by lower-than-expected ADP report, but found support at 97.14 and bounced slightly. At time of writing, USD/JPY is trading at 97.30, still 0.7% below its opening price.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that USD/JPY holds a strong bearish momentum in the hourly chart, supporting further falls for current session. "In the 4 hours chart, technical readings also head south in negative territory, while 200 DMA stands around 96.40, offering next big support ahead of 95.80, August low", Bednarik said.