8 Apr 2014
USD/JPY: Bearish break below 103.00
FXStreet (Bali) - The bearish sentiment in the USD/JPY persists in early Tokyo trading, with the rate falling below 103.00 to post a new 1-week low of 102.93, pressured by a heavy Nikkei 225, down 0.65%.
Ahead of the BoJ decision, Valeria Bednarik, Chief Analyst at FXStreet, notes that technically, "there are no clear signs the pair can resume the upside", adding that "in the 4 hours chart momentum maintains the negative bias, with recoveries probably finding sellers now around 103.60 Fibonacci resistance area."
Looking at the support levels, 102.80 becomes the next target for sellers, before 102.60 (61.8% latest bull run) and 102.30 (76.4% fib retrac) may be threatened. On the upside, the round number 103.00 may see offers capping attempts for a recovery.
Ahead of the BoJ decision, Valeria Bednarik, Chief Analyst at FXStreet, notes that technically, "there are no clear signs the pair can resume the upside", adding that "in the 4 hours chart momentum maintains the negative bias, with recoveries probably finding sellers now around 103.60 Fibonacci resistance area."
Looking at the support levels, 102.80 becomes the next target for sellers, before 102.60 (61.8% latest bull run) and 102.30 (76.4% fib retrac) may be threatened. On the upside, the round number 103.00 may see offers capping attempts for a recovery.