14 Apr 2014
USD/JPY consolidates below 102.00
FXStreet (Córdoba) - The USD/JPY managed to reverse Asian session losses and reached fresh daily highs, although the pair has spent most of the day in consolidation within last week's range.
The USD/JPY bottomed out at 101.41 at the weekly opening and bounced toward a high of 101.75, but lacked momentum to stage a decisive break above the 100-hour SMA and was confined to a range. At time of writing, the USD/JPY is trading at 101.70, recording a 0.09% gain on the day.
In the macroeconomic domain, there were no first-tier data releases in Asia and Europe and investors will now be watching US retail sales (0.8% exp in March) and business inventories (0.5% exp in Feb) figures.
USD/JPY technical perspective
"Still in the consolidation pattern above 101.16 support and my outlook here is positive, for a rise through 101.96, en route to 102.60 resistance area", said Stoyan Mihaylov, analyst at DeltaStock.com. "On the senior frames, current consolidation pattern precedes a sell-off towards 100.00 sentiment zone".
The USD/JPY bottomed out at 101.41 at the weekly opening and bounced toward a high of 101.75, but lacked momentum to stage a decisive break above the 100-hour SMA and was confined to a range. At time of writing, the USD/JPY is trading at 101.70, recording a 0.09% gain on the day.
In the macroeconomic domain, there were no first-tier data releases in Asia and Europe and investors will now be watching US retail sales (0.8% exp in March) and business inventories (0.5% exp in Feb) figures.
USD/JPY technical perspective
"Still in the consolidation pattern above 101.16 support and my outlook here is positive, for a rise through 101.96, en route to 102.60 resistance area", said Stoyan Mihaylov, analyst at DeltaStock.com. "On the senior frames, current consolidation pattern precedes a sell-off towards 100.00 sentiment zone".