5 May 2014
USD/JPY off 102.11 low after Friday's brief trip north
FXStreet (Bali) - USD/JPY is trading near Friday's low at 102.19 following a session low of 102.11 at the open, with buyers still shocked by the massive reversal seen last Friday post NFP.
Trader should note that today is public holiday in Japan, which is likely to result in the pair trading in much thinner-than-usual volume, thus range bound conditions during Asia should be expected.
According to Valeria Bednarik, Chief Analyst at FXStreet: "USD/JPY maintains the heavy tone after faltering to advance beyond 103.00 on shockingly positive US employment data."
Technically, "the hourly chart shows indicators maintain a strong bearish momentum with 100 and 200 SMAs acting as dynamic resistance around 102.30/40, also strong Fibonacci resistance as per being the 38.2% retracement of the latest bearish run", Bednarik added.
Trader should note that today is public holiday in Japan, which is likely to result in the pair trading in much thinner-than-usual volume, thus range bound conditions during Asia should be expected.
According to Valeria Bednarik, Chief Analyst at FXStreet: "USD/JPY maintains the heavy tone after faltering to advance beyond 103.00 on shockingly positive US employment data."
Technically, "the hourly chart shows indicators maintain a strong bearish momentum with 100 and 200 SMAs acting as dynamic resistance around 102.30/40, also strong Fibonacci resistance as per being the 38.2% retracement of the latest bearish run", Bednarik added.