31 Jan 2014
USD/JPY hits fresh day lows
FXstreet.com (Córdoba) - The USD/JPY fell to fresh daily lows at the beginning of the American session as the yen benefited from the negative risk sentiment.
The USD/JPY faced mild pressure and dropped to a low of 102.10 in recent dealings, erasing yesterday's advance, although it holds well within this week's range ahead of the next string of US data. Up ahead, watch for US personal spending/income, Chicago PMI and the Reuters/Michigan consumer sentiment index. At time of writing, the USD/JPY is trading at the 102.20 area, recording a 0.5% loss on the day.
USD/JPY technical outlook
"The intraday bias is absolutely neutral, but the situation on the senior frames remains bearish for a break through 101.70, en route to 100.60", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 102.90, followed by 103.50".
The USD/JPY faced mild pressure and dropped to a low of 102.10 in recent dealings, erasing yesterday's advance, although it holds well within this week's range ahead of the next string of US data. Up ahead, watch for US personal spending/income, Chicago PMI and the Reuters/Michigan consumer sentiment index. At time of writing, the USD/JPY is trading at the 102.20 area, recording a 0.5% loss on the day.
USD/JPY technical outlook
"The intraday bias is absolutely neutral, but the situation on the senior frames remains bearish for a break through 101.70, en route to 100.60", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 102.90, followed by 103.50".