USD/JPY is tipping over after spending most of the Asian and European sessions on the slide. We’ve broken though 99.40 on the third attempt and hit some small stops down to a low of 99.30. Former resistance at 99.23 may have a say in proceedings as well. Bids are lined up virtually every 10 pips down to 98.70 so the going may be slow.
USD/JPY daily chart 13 11 2013
Should we break back below the 99 level then look to the broken May trendline at 98.82 and the the 100 and 55 dma’s at 98.61 and 98.50 as areas of support.
The calendar is pretty light today so with no news to take it higher we could be seeing some consolidation moves.