13 Feb 2014
USD/JPY falls below 102.00
FXStreet (Córdoba) - The USD/JPY came under pressure during the European session amid broad dollar weakness and broke below the 102.00 mark to hit fresh lows.
The USD/JPY fell below the 10-day SMA and stretched to a weekly low of 101.86 in recent dealings. At time of writing, the USD/JPY is trading at the 101.90 zone, recording a 0.6% loss on Thursday, the second daily decline in a row. During the NY session, the US will release jobless claims, Jan retail sales and Dec business inventories.
USD/JPY technical outlook
"The structure below 102.68 high signals a possible reversal of the whole upmove from 100.75 and my outlook here is already bearish, for a slide through 101.70 support, en route to 100.70", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial minor resistance is projected at 102.30".
The USD/JPY fell below the 10-day SMA and stretched to a weekly low of 101.86 in recent dealings. At time of writing, the USD/JPY is trading at the 101.90 zone, recording a 0.6% loss on Thursday, the second daily decline in a row. During the NY session, the US will release jobless claims, Jan retail sales and Dec business inventories.
USD/JPY technical outlook
"The structure below 102.68 high signals a possible reversal of the whole upmove from 100.75 and my outlook here is already bearish, for a slide through 101.70 support, en route to 100.70", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial minor resistance is projected at 102.30".