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22 Apr 2014
USD/JPY back to square one
FXStreet (Córdoba) - The USD/JPY is back to square after rejection from 2-week highs sent the pair to fresh daily lows at the beginning of the American session.
The USD/JPY pullback from the 102.70 zone was contained by a low of 102.40 confining the pair to a phase of consolidation. At time of writing, the USD/JPY is trading at 102.59, virtually unchanged on the day, as USD strength against European peers didn't translate to this pair.
USD/JPY technical outlook
"The USD/JPY seems unable to advance beyond key 102.70 price zone, albeit the pressure over the level remains", said Valeria Bednarik, chief analyst at FXStreet. "The hourly chart shows price found intraday support around a bullish 100 SMA, while indicators diverge lower, presenting a slightly bearish tone below their midlines. In the 4 hour chart indicators also turned south yet hold around their midlines, showing not enough selling interest at the time being".
Bednarik sees next supports at 102.35, 102.00 and 101.55, while she places resistances at 102.95, 103.20 and 103.70.
The USD/JPY pullback from the 102.70 zone was contained by a low of 102.40 confining the pair to a phase of consolidation. At time of writing, the USD/JPY is trading at 102.59, virtually unchanged on the day, as USD strength against European peers didn't translate to this pair.
USD/JPY technical outlook
"The USD/JPY seems unable to advance beyond key 102.70 price zone, albeit the pressure over the level remains", said Valeria Bednarik, chief analyst at FXStreet. "The hourly chart shows price found intraday support around a bullish 100 SMA, while indicators diverge lower, presenting a slightly bearish tone below their midlines. In the 4 hour chart indicators also turned south yet hold around their midlines, showing not enough selling interest at the time being".
Bednarik sees next supports at 102.35, 102.00 and 101.55, while she places resistances at 102.95, 103.20 and 103.70.