23 May 2014
USD/JPY deflates from 102.00
FXStreet (Edinburgh) - After hitting fresh weekly highs just above the 102.00 handle, the USD/JPY is now easing some pips back to the 101.90 region.
USD/JPY up and down it goes
Quite a volatile week for the pair, managing to bounce off the vicinity of 2014 lows below the 101.00 mark to the current peaks around 102.00 the figure, all bolstered by an increasing bullish momentum in the greenback. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the near term technicals are bearish, “however as spot re-enters its comfortable range the signals have faded and spot looks poised to remain range-bound. Support lies at the 200-day MA at 101.31; while resistance comes in at the 50-day MA at 102.22 followed by the recent high of 102.36”.
USD/JPY levels to watch
The pair is now advancing 0.17% at 101.91 with the immediate resistance at 102.00 (psychological level) followed by 102.13 (high May 15) and finally 102.28 (high May 14). On the flip side, a breach below 101.59 (low May 23) would open the door to 101.36 (low May 22) and then 100.81 (low May 21).
USD/JPY up and down it goes
Quite a volatile week for the pair, managing to bounce off the vicinity of 2014 lows below the 101.00 mark to the current peaks around 102.00 the figure, all bolstered by an increasing bullish momentum in the greenback. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the near term technicals are bearish, “however as spot re-enters its comfortable range the signals have faded and spot looks poised to remain range-bound. Support lies at the 200-day MA at 101.31; while resistance comes in at the 50-day MA at 102.22 followed by the recent high of 102.36”.
USD/JPY levels to watch
The pair is now advancing 0.17% at 101.91 with the immediate resistance at 102.00 (psychological level) followed by 102.13 (high May 15) and finally 102.28 (high May 14). On the flip side, a breach below 101.59 (low May 23) would open the door to 101.36 (low May 22) and then 100.81 (low May 21).