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USD/JPY entrenched in negative territory

By FXstreet.com,  July 11, 2012, 03:36:00 AM EDT

FXstreet.com (Barcelona) - The U.S. dollar has continued to trade negatively against the yen this morning during European trading after the dismal release of data in the economy of Japan. Machine Tool Orders (YoY) have fallen -15.5% in June, from -3.0% in the previous month. Despite this poor figure, the USD/JPY has been confined to a rather narrow range, operating between 79.24 and 79.46 Wednesday.

According to Valeria Bednarik, chief analyst FXStreet.com: "In the 4 hour chart the pair continues with a slightly bearish bias, trading below its simple moving averages of 20 and 100 while the indicators are moving in negative territory. I still think there is range for some time between 79.00 and 80.00. "

Presently, the cross has stabilized in the region of 79.34, falling at a rate of -0.12% below its opening price. The technical analysts at Mataf.net confirm the next short-term supports at 79.15, 79.01, and finally 78.81. On the upside, a penetration of 79.49 will expose the resistances of 79.69 and then 79.84.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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