29 Apr 2014
USD/JPY capped by 102.70
FXStreet (Edinburgh) - A better risk tone is lifting the USD/JPY to fresh weekly highs in levels just shy of 102.70, last week’s tops.
USD/JPY bounces off 102.00
The pair is thus prolonging its corrective upside after visiting the critical support at 102.00 the figure last week amidst increasing risk appetite and ahead of the FOMC gathering due tomorrow. “USD rebounded strongly without retesting the strong support at 101.95. The move back above the strong resistant at 102.50 suggests further up-move towards 102.75. Only a break below 102.30 would indicate another attempt lower towards 101.95”, observed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
As of writing the pair is advancing 0.14% at 102.65 and a surpass of 102.73 (Kijun Sen) would target 102.84 (daily cloud top) en route to 102.94 (100-d MA). On the downside, the initial support aligns at 102.04 (low Apr.28) followed by 101.96 (low Apr.25) and then 101.86 (low Apr.17).
USD/JPY bounces off 102.00
The pair is thus prolonging its corrective upside after visiting the critical support at 102.00 the figure last week amidst increasing risk appetite and ahead of the FOMC gathering due tomorrow. “USD rebounded strongly without retesting the strong support at 101.95. The move back above the strong resistant at 102.50 suggests further up-move towards 102.75. Only a break below 102.30 would indicate another attempt lower towards 101.95”, observed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
As of writing the pair is advancing 0.14% at 102.65 and a surpass of 102.73 (Kijun Sen) would target 102.84 (daily cloud top) en route to 102.94 (100-d MA). On the downside, the initial support aligns at 102.04 (low Apr.28) followed by 101.96 (low Apr.25) and then 101.86 (low Apr.17).