5 Feb 2014
USD/JPY fails to sustain gains
FXStreet (Córdoba) - With markets in a wait and see mode ahead of the US nonfarm payrolls Friday, the USD/JPY has spent other session in quiet consolidation within familiar ranges, unable to set a fresh direction.
The USD/JPY reached a peak of 101.75 during the Asian trade but lacked follow-through and it has been slowly moving south, retracing yesterday's gains, having hit a low of 101.09. At time of writing, the USD/JPY is trading at the 101.15 zone, recording a 0.5% decline on Wednesday.
USD/JPY technical outlook
"Allow one more upswing towards 101.94 resistance area before renewal of the general downtrend through 100.70, en route to 99.00 support zone", commented Stoyan Mihaylov, analyst at DeltaStock.com.
The USD/JPY reached a peak of 101.75 during the Asian trade but lacked follow-through and it has been slowly moving south, retracing yesterday's gains, having hit a low of 101.09. At time of writing, the USD/JPY is trading at the 101.15 zone, recording a 0.5% decline on Wednesday.
USD/JPY technical outlook
"Allow one more upswing towards 101.94 resistance area before renewal of the general downtrend through 100.70, en route to 99.00 support zone", commented Stoyan Mihaylov, analyst at DeltaStock.com.