23 May 2014
USD/JPY teed up for a break of 102?
FXStreet (Guatemala) - USD/JPY is trading at 101.95, up 0.21% on the day, having posted a daily high at 102.02 and low at 101.59.
USD/JPY is approaching the close and is a touch away from the psychological 102 handle. Strategists at TD Securities break down the USD/JPY’s technical and explained the decline stalled around the 200-day MA and the 2014 low just below 101 this week; “The large “doji” candle that price action developed mid-week around these technically sensitive support points will allow for a modest rebound in the USD in the near-term but we do not (yet, at least) have any conviction that the recovery in the USD is sustainable”. They later added, “We look for USD/JPY gains to remain capped at or near the cloud resistance base (currently 102.44) from here. Only a sustained push higher through the mid/upper 102s would imply that there is more recovery potential at the moment”.
USD/JPY Levels
Current price is 101.95, with resistance ahead at 102.02 (Daily High), 102.14 (Daily Classic R2), 102.15 (Weekly Classic R1), 102.44 (Daily Classic R3) and 102.55 (Daily 100 SMA). Next support to the downside can be found at 101.94 (Daily Classic R1), 101.86 (Daily 20 SMA), 101.84 (Hourly 20 EMA), 101.83 (Yesterday's High) and 101
USD/JPY is approaching the close and is a touch away from the psychological 102 handle. Strategists at TD Securities break down the USD/JPY’s technical and explained the decline stalled around the 200-day MA and the 2014 low just below 101 this week; “The large “doji” candle that price action developed mid-week around these technically sensitive support points will allow for a modest rebound in the USD in the near-term but we do not (yet, at least) have any conviction that the recovery in the USD is sustainable”. They later added, “We look for USD/JPY gains to remain capped at or near the cloud resistance base (currently 102.44) from here. Only a sustained push higher through the mid/upper 102s would imply that there is more recovery potential at the moment”.
USD/JPY Levels
Current price is 101.95, with resistance ahead at 102.02 (Daily High), 102.14 (Daily Classic R2), 102.15 (Weekly Classic R1), 102.44 (Daily Classic R3) and 102.55 (Daily 100 SMA). Next support to the downside can be found at 101.94 (Daily Classic R1), 101.86 (Daily 20 SMA), 101.84 (Hourly 20 EMA), 101.83 (Yesterday's High) and 101