10 Dec 2013
USD/JPY pauses decline, still capped by 103.00
FXstreet.com (Córdoba) - The USD/JPY was rejected once again from the 103.40 zone and dropped more than 70 pips to a weekly low of 102.60 amid broad USD weakness before the 100-hour SMA helped to contain the downside.
The USD/JPY bottomed out at 102.61 and managed to trim some of its recent losses as the greenback steadied across the board. However, the subsequent bounce has been capped by the 103.00 zone leaving the USD/JPY at the 102.95 region, 0.4% below its opening price.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find immediate supports at 102.60 (100-hour SMA) 102.00 (psychological level) and 101.62 (Dec 5& 6 lows). On the upside, the pair could find resistances at 103.38 (daily high) and 103.72 (May 22 high).
The USD/JPY bottomed out at 102.61 and managed to trim some of its recent losses as the greenback steadied across the board. However, the subsequent bounce has been capped by the 103.00 zone leaving the USD/JPY at the 102.95 region, 0.4% below its opening price.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find immediate supports at 102.60 (100-hour SMA) 102.00 (psychological level) and 101.62 (Dec 5& 6 lows). On the upside, the pair could find resistances at 103.38 (daily high) and 103.72 (May 22 high).