Back
17 Apr 2014
USD/JPY retreats toward 102.00
FXStreet (Córdoba) - The USD/JPY is moving with a bearish bias early in Asia, falling from 1-week highs and recently reached a fresh low at 102.05. Currently trades at 102.09, down 0.13% for the day. The US dollar lost momentum across the board after Tokyo’s opening.
On Wednesday the USD/JPY peaked at 102.36 and finished with gains for the second day in a row at 102.20.
Technical outlook for the USD/JPY
Jim Langlands, from FX Charts, notes that the 102.37 area, that is capping the upside, is where a daily cloud base is located and is also a Fibonacci level (the 38.2% retracement of 104 - 101). “A break of which would see a run towards 102.70 (50% pivot/ daily Kijun), with stops sitting above 102.50, and then to 103.00(100 DMA;102.92/ daily cloud top 103.05)”. To the downside, below 102.00 the next support lies at 101.80 notes Langlands.
On Wednesday the USD/JPY peaked at 102.36 and finished with gains for the second day in a row at 102.20.
Technical outlook for the USD/JPY
Jim Langlands, from FX Charts, notes that the 102.37 area, that is capping the upside, is where a daily cloud base is located and is also a Fibonacci level (the 38.2% retracement of 104 - 101). “A break of which would see a run towards 102.70 (50% pivot/ daily Kijun), with stops sitting above 102.50, and then to 103.00(100 DMA;102.92/ daily cloud top 103.05)”. To the downside, below 102.00 the next support lies at 101.80 notes Langlands.