August 5, 2013 (3:48 pm) – After breaking out from a rectangle or box pattern and reaching a high of around 99.80, a weaker-than-expected NFP report in the US caused the USDJPY pair sharply fall. At present, the pair again is exchanging around its previous trading range’s resistance. If the 98.40 level revises its role into a support and holds then the USD may bounce once more against the Japanese yen. A rebound off of the 98.40 marker may send back to 99.00. An oversold condition as seen in its stochastics adds to this possibility. However, a fall below this level may send it towards the lower section of the range at around 97.60.
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