17 Jan 2014
USD/JPY looking bearish into the close?
FXstreet.com (Guatemala) - USD/JPY is forming an ascending wedge pattern on the short-term basis that might be indicating that the pair has a bearish foundation into the close of this weeks session.
Fundamentally for the USD/JPY today, the bearish value of the dollar was underpinned by the worse than expected US Building Permits earlier that fell 3.0% from prior month, where as starts fall was in line with expectations after a 23% jump the month before. University of Michigan consumer sentiment also disappointed at 80.4, down on the consensus of 83.5 and previous 82.5, but despite this the dollar is in profit taking mode and consolidation ahead of the close.
USD/JPY Levels
The 20 DMA is 104.49, the 50 DMA is 102.70 and the 200 DMA is 99.76. RSI (14) reads 51.46. Supports are ascending from102.85, 103.54, 103.88 and 104.09. Spot is 104.31 while resistances are 104.48, 104.66, 104.92 and 105.20.
Fundamentally for the USD/JPY today, the bearish value of the dollar was underpinned by the worse than expected US Building Permits earlier that fell 3.0% from prior month, where as starts fall was in line with expectations after a 23% jump the month before. University of Michigan consumer sentiment also disappointed at 80.4, down on the consensus of 83.5 and previous 82.5, but despite this the dollar is in profit taking mode and consolidation ahead of the close.
USD/JPY Levels
The 20 DMA is 104.49, the 50 DMA is 102.70 and the 200 DMA is 99.76. RSI (14) reads 51.46. Supports are ascending from102.85, 103.54, 103.88 and 104.09. Spot is 104.31 while resistances are 104.48, 104.66, 104.92 and 105.20.