13 Jan 2014
USD/JPY briefly dips below 103.00
FXstreet.com (Córdoba) - The USD/JPY came under renewed pressure during the New York session and dropped to fresh lows as the greenback trades mixed in the aftermath of the surprisingly soft NFP numbers.
In the absence of economic indicators, the USD/JPY continued its downward move and broke below 103.25, briefly dipping below the 103.00 mark, to hit a fresh 4-week trough of 102.97. The pair has managed to recover slightly and it is currently trading at the 103.20 zone, recording a 0.7% loss on the day.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the USD/JPY maintains a strong bearish technical outlook in short-term charts. "Price broke below 200 SMA for first time since early November last year, reflecting the strong selling interest around the pair", commented the analyst.
Bednarik locates next support levels at 102.80 and 102.50, while she sees resistances at 103.40, 103.75 and 104.10.
In the absence of economic indicators, the USD/JPY continued its downward move and broke below 103.25, briefly dipping below the 103.00 mark, to hit a fresh 4-week trough of 102.97. The pair has managed to recover slightly and it is currently trading at the 103.20 zone, recording a 0.7% loss on the day.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the USD/JPY maintains a strong bearish technical outlook in short-term charts. "Price broke below 200 SMA for first time since early November last year, reflecting the strong selling interest around the pair", commented the analyst.
Bednarik locates next support levels at 102.80 and 102.50, while she sees resistances at 103.40, 103.75 and 104.10.