25 Mar 2014
USD/JPY steady around 102.15
FXStreet (Córdoba) - The USD/JPY is approaching Monday’s lows early in Asia, currently trading at 102.15 as stocks in Japan opened lower. After the first 30 minutes, the Nikkei 225 is falling 0.90%.
On Monday the USD/JPY finished flat after being unable to hold to gains. During the European session price found resistance at 102.70 and pulled back, ending the day with a small loss.
Outlook for the USD/JPY
After surging following the FOMC statement last Wednesday the USD/JPY jumped and since then is moving sideways above 102.00 and below 102.70. “A break of 102.00 would suggest another run towards 101.75 (61.8% of 101.20/102.63) and possibly 101.60, albeit unlikely today”, says Jim Langlands from FX Charts.
To the upside, Langlands affirms that price around 102.64 “will again see sellers, with more queuing up at 102.77. It seem unlikely that we are heading up here today, but if wrong further strong resistance will be seen at 103.00 (103.07: daily cloud top/50% pivot of 105.43/100.75) and then again at 103.15 (76.4%)”.
On Monday the USD/JPY finished flat after being unable to hold to gains. During the European session price found resistance at 102.70 and pulled back, ending the day with a small loss.
Outlook for the USD/JPY
After surging following the FOMC statement last Wednesday the USD/JPY jumped and since then is moving sideways above 102.00 and below 102.70. “A break of 102.00 would suggest another run towards 101.75 (61.8% of 101.20/102.63) and possibly 101.60, albeit unlikely today”, says Jim Langlands from FX Charts.
To the upside, Langlands affirms that price around 102.64 “will again see sellers, with more queuing up at 102.77. It seem unlikely that we are heading up here today, but if wrong further strong resistance will be seen at 103.00 (103.07: daily cloud top/50% pivot of 105.43/100.75) and then again at 103.15 (76.4%)”.