21 Jan 2014
USD/JPY consolidates near daily highs
FXstreet.com (Córdoba) - The USD/JPY steadied in a tight range after the latest bullish attempt stalled at the 104.75 area.
Amid broad dollar strength the USD/JPY advanced Tuesday, following 3 days of losses, and reached a 5-day high of 104.74 during the European session. However, the pair lost momentum and retreated slightly to currently trade up 0.5% at the 104.65 zone, with the 10-hour SMA containing the setbacks.
USD/JPY technical outlook
"Today's violation of the crucial 104.47 signals a reversal of the slide from 104.90 and the outlook here is already bullish, for another rise towards 105.40", said Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the downside is 104.24 support".
Amid broad dollar strength the USD/JPY advanced Tuesday, following 3 days of losses, and reached a 5-day high of 104.74 during the European session. However, the pair lost momentum and retreated slightly to currently trade up 0.5% at the 104.65 zone, with the 10-hour SMA containing the setbacks.
USD/JPY technical outlook
"Today's violation of the crucial 104.47 signals a reversal of the slide from 104.90 and the outlook here is already bullish, for another rise towards 105.40", said Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the downside is 104.24 support".