3 Feb 2014
USD/JPY gathers upside momentum in Tokyo
FXstreet.com (Bali) - USD/JPY is on the rebound in Asia, as the first ticks in Tokyo see the Nikkei 225 being bid, leading to a small reduction of losses in the index, currently at -0.73% from a starting level of -0.9%.
Solid bids near 102.00 buoy USD/JPY
USD/JPY continues to show resilience to protect the 102.00, flirted in several occasions last week. Buyers camped around the level - large Japanese importers interest noted - are preventing the decline from accelerating. The bounce in Asia has taken the rate towards 102.31 from a session low of 101.95. Should downside pressure return, watch for stop below 101.90.
USD/JPY technicals
Looking at ichimoku parameters, the loss of the weekly tenkan last week was followed by a topside failure when retesting the area on Jan 29, suggesting growing conviction to participate in this market as sellers on rallies. Should offers continue to outweigh bids in coming days, the loss of 102.00 might set the stage for 101.50 mid round number ahead of 101.20 (daily cloud bottom).
Solid bids near 102.00 buoy USD/JPY
USD/JPY continues to show resilience to protect the 102.00, flirted in several occasions last week. Buyers camped around the level - large Japanese importers interest noted - are preventing the decline from accelerating. The bounce in Asia has taken the rate towards 102.31 from a session low of 101.95. Should downside pressure return, watch for stop below 101.90.
USD/JPY technicals
Looking at ichimoku parameters, the loss of the weekly tenkan last week was followed by a topside failure when retesting the area on Jan 29, suggesting growing conviction to participate in this market as sellers on rallies. Should offers continue to outweigh bids in coming days, the loss of 102.00 might set the stage for 101.50 mid round number ahead of 101.20 (daily cloud bottom).