16 Feb 2015
USD/JPY hovers near daily lows
FXStreet (Córdoba) - USD/JPY has spent the day in a tight range amid thinned-holiday volume given the US national holiday as markets’ attention turns to the Eurogroup meeting.
USD/JPY managed to fill the opening gap and reached a high of 118.77 during the Asian session. However, the pair lacked momentum and was confined to a phase of consolidation, with the downside being contained by 118.35 so far. At time of writing, USD/JPY is trading at 118.40, still 0.29% below its opening price.
USD/JPY technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term charts hold a negative tone. “A new attempt towards the downside that sends the price below 118.30, should see the price extending lower, eyeing as a probable daily target the 117.50 price zone”, said the analyst.
Bednarik locates immediate supports at 118.30, 117.90 and 117.50, while she places resistances at 118.80, 119.25 and 119.60.
USD/JPY managed to fill the opening gap and reached a high of 118.77 during the Asian session. However, the pair lacked momentum and was confined to a phase of consolidation, with the downside being contained by 118.35 so far. At time of writing, USD/JPY is trading at 118.40, still 0.29% below its opening price.
USD/JPY technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term charts hold a negative tone. “A new attempt towards the downside that sends the price below 118.30, should see the price extending lower, eyeing as a probable daily target the 117.50 price zone”, said the analyst.
Bednarik locates immediate supports at 118.30, 117.90 and 117.50, while she places resistances at 118.80, 119.25 and 119.60.