23 Jun 2014
USD/JPY maintains 102.00 ahead of Tokyo
FXStreet (Bali) - USD/JPY keeps trading in a tight range, just above the 102.00 demand level, ahead of the Tokyo open.
The next direction in the pair, according to Jim Langlands, Founder at FXCharts, "will be dictated, on one side by the need for any safe haven Yen buying should there be an escalation of tensions in the Ukraine or Iraq, and on the other side by any potential rise in US bond yields which would assist the dollar to higher ground."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows price holding above 100 and 200 SMAs both converging in the 101.90 price zone and indicators turning lower but still in positive territory. In the 4 hours chart the outlook is neutral, with a critical resistance now around 102.80, a daily descendant trend line coming from this year high at 105.43."
The next direction in the pair, according to Jim Langlands, Founder at FXCharts, "will be dictated, on one side by the need for any safe haven Yen buying should there be an escalation of tensions in the Ukraine or Iraq, and on the other side by any potential rise in US bond yields which would assist the dollar to higher ground."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows price holding above 100 and 200 SMAs both converging in the 101.90 price zone and indicators turning lower but still in positive territory. In the 4 hours chart the outlook is neutral, with a critical resistance now around 102.80, a daily descendant trend line coming from this year high at 105.43."