27 Mar 2014
USD/JPY breaks below 101.80/85 support
FXStreet (Bali) - USD/JPY has come under pressure at the Tokyo open, with a heavy Nikkei 225 ( -1.6%) fueling selling interest in the pair, which broke through 101.85 support zone, to currently trade a session low of 101.73.
Jim Langlands, Founder at FXCharts, notes: "Below 101.80 would suggest another look at 101.75 (61.8% of 101.20/102.63) and maybe 101.60, which will see bids before 101.20 again comes into view. This area has previously seen very strong Japanese corporate bids and will again provide a strong base. A break of that though, is likely to take the dollar back below 101.00 for a look at the 4th Feb low of 100.75 and the 50% pivot of 95.78/105.43 at 100.65, below which would head to the rising trend support/200DMA at 100.25", Langlands added.
Jim Langlands, Founder at FXCharts, notes: "Below 101.80 would suggest another look at 101.75 (61.8% of 101.20/102.63) and maybe 101.60, which will see bids before 101.20 again comes into view. This area has previously seen very strong Japanese corporate bids and will again provide a strong base. A break of that though, is likely to take the dollar back below 101.00 for a look at the 4th Feb low of 100.75 and the 50% pivot of 95.78/105.43 at 100.65, below which would head to the rising trend support/200DMA at 100.25", Langlands added.