14 Jan 2014
USD/JPY moves of lows after Japan data and Tokyo's opening
FXstreet.com (Córdoba) - The USD/JPY is moving of Monday's lows and recovering ground above 103.00 following Japan's current account report and Tokyo's opening. The US dollar is rising so far on Tuesday, making a slightly rebound after dropping more than a hundred pips yesterday, despite a negative start for Japanese stocks.
At the moment of writing the Nikkei 225 was falling 2.50% on the reopening after the holiday while the USD/JPY traded at 103.20, up 0.25% for the day.
Technical outlook for the USD/JPY
Valeria Bednarik, Chief Analyst at FXStreet mentioned that the 4 hour chart, shows a strong downward momentum, with the pair pointing to a test of 102.50 in the short-term. Support levels according to Bednarik lie at 102.80, 102.50 and 102.20 while she sees resistance at 103.40 and above at 103.75.
At the moment of writing the Nikkei 225 was falling 2.50% on the reopening after the holiday while the USD/JPY traded at 103.20, up 0.25% for the day.
Technical outlook for the USD/JPY
Valeria Bednarik, Chief Analyst at FXStreet mentioned that the 4 hour chart, shows a strong downward momentum, with the pair pointing to a test of 102.50 in the short-term. Support levels according to Bednarik lie at 102.80, 102.50 and 102.20 while she sees resistance at 103.40 and above at 103.75.