2 Dec 2013
USD/JPY cushioned by 102.30, Ts/Ks strong cross on the hourly
FXstreet.com (Barcelona) - USD/JPY is relatively calmed in the Asian session, trading around 102.45/50 as the uptrend struggles to build up on recent gains amid the strong weekly resistance at 102.35 up to 104.40.
Nonetheless, after the marginal breakout of 102.50 resistance last week, technicals suggest a higher target of 103.20 is now on the cards. For buyers to gain confidence though, the 102.30 area should not be lost on the downside.
From an ichimoku perspective, the indicator continues to show bullish signs across most timeframes. From an hourly perspective, we has a weak Kijun/Tenkan cross last Friday, although tentative signs of vulnerability have now been re-addressed by the Tenkan crossing back up through the Kijun (strong cross), an early indication that buying might persist today.
Nonetheless, after the marginal breakout of 102.50 resistance last week, technicals suggest a higher target of 103.20 is now on the cards. For buyers to gain confidence though, the 102.30 area should not be lost on the downside.
From an ichimoku perspective, the indicator continues to show bullish signs across most timeframes. From an hourly perspective, we has a weak Kijun/Tenkan cross last Friday, although tentative signs of vulnerability have now been re-addressed by the Tenkan crossing back up through the Kijun (strong cross), an early indication that buying might persist today.