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28 Nov 2013
USD/JPY correcting on 102.10 plateau
FXstreet.com (Chicago) - USD/JPY seems to be put under bearish pressure at Tokyo’s opening and stalls on corrective move above 102.10 ahead of Japanese data releases.
Perspective
According to Valeria Bednarik, FXstreet.com Chief Analyst, “102.18 is the high posted by USD/JPY so far, and the pair spent most of this American afternoon consolidating nearby. Earlier this Wednesday, the pair found support in its 100 SMA according to the hourly chart, currently offering dynamic support around 101.40; indicators in the same time frame turn slightly lower near extreme overbought readings, but the 4 hours chart shows indicators heading strongly up, suggesting downward corrective movements will remain limited. Approaches to mentioned 101.40 area are now seen as buying opportunities, while 102.50, late May high is the level to overcome to confirm further gains.”
USD/JPY Technical Levels
Price action reveals the pair finds strong limits around 6-month highs as Tokyo opens. On corrective move at 102.17, the pair oscillates between the supports aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) and the resistances set at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
Perspective
According to Valeria Bednarik, FXstreet.com Chief Analyst, “102.18 is the high posted by USD/JPY so far, and the pair spent most of this American afternoon consolidating nearby. Earlier this Wednesday, the pair found support in its 100 SMA according to the hourly chart, currently offering dynamic support around 101.40; indicators in the same time frame turn slightly lower near extreme overbought readings, but the 4 hours chart shows indicators heading strongly up, suggesting downward corrective movements will remain limited. Approaches to mentioned 101.40 area are now seen as buying opportunities, while 102.50, late May high is the level to overcome to confirm further gains.”
USD/JPY Technical Levels
Price action reveals the pair finds strong limits around 6-month highs as Tokyo opens. On corrective move at 102.17, the pair oscillates between the supports aligned at 101.91 (November 25th highs), 101.32 (November 21st highs) ahead of 100.52 (November 20th highs) and the resistances set at 102.56 (May 1st 2008 lows), 103.37 (September 1st 2008 lows) followed by 104.55 (January 1st 2008 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.