11 Dec 2013
USD/JPY capped below hourly kijun, Yen demand post tokyo fix
FXstreet.com (Bali) - USD/JPY continues to find it hard to extend its rise beyond 103.30 resistance, with a double topside failure at the level communicating solid offers lie ahead.
Since the Nikkei 225 appears to have entered a wide range phase short term between 15,000 and 15,800, the USD/JPY lacks a clear driver to move decisively either direction, with the re-distribution of demand/supply at such hefty levels continuing.
USD/JPY limited below hourly kijun sen
Post Tokyo fix at 00.50GMT, strong demand for the Japanese Yen was noted, leading to the pair coming back to NY closing levels circa 102.80 after a shy attempt regain its Kijun sen on the H1 chart, just above 103.00.
USD/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "in the hourly chart, technical indicators maintain a strong bearish tone which maintains the risk to the downside, while in the 4 hours chart, technical readings are giving up from overbought territory."
Since the Nikkei 225 appears to have entered a wide range phase short term between 15,000 and 15,800, the USD/JPY lacks a clear driver to move decisively either direction, with the re-distribution of demand/supply at such hefty levels continuing.
USD/JPY limited below hourly kijun sen
Post Tokyo fix at 00.50GMT, strong demand for the Japanese Yen was noted, leading to the pair coming back to NY closing levels circa 102.80 after a shy attempt regain its Kijun sen on the H1 chart, just above 103.00.
USD/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "in the hourly chart, technical indicators maintain a strong bearish tone which maintains the risk to the downside, while in the 4 hours chart, technical readings are giving up from overbought territory."