9 May 2014
USD/JPY is on mend, but 101.80 resistance won't give in
FXStreet (Moscow) - USD/JPY trying to reverse Thursday losses as the pair reached local high at 101.75 after opening at 101.56, but strong offers on approach to 101.80 may limit the upside.
Zig-zaggin again.
USD/JPY pushed off 101.95/102.00 resistance level on Thursday and returned to the lower band of weekly range. The pair closed at 101.56 and brought the pivotal mid-term support of 101.30 into sight. USD/JPY will extend the downside if it manages to close well above that support on daily basis. And it’s a big if as a good deal of buying interest clustered on approach to 101.40/30 will limit the downside.
What price levels and patterns have to be considered?
With spot trading at 101.70, we can see next resistance ahead at 101.70 (Daily Classic PP), 101.77 (Daily High), 101.80 (Weekly Classic S1), 101.81 (Hourly 100 SMA) and 101.93 (Daily Classic R1).
Support below can be found at 101.67 (Daily Open), 101.67 (Hourly 20 EMA), 101.66 (Weekly Low), 101.54 (Daily Low) and 101.53 (Monthly Low).
Zig-zaggin again.
USD/JPY pushed off 101.95/102.00 resistance level on Thursday and returned to the lower band of weekly range. The pair closed at 101.56 and brought the pivotal mid-term support of 101.30 into sight. USD/JPY will extend the downside if it manages to close well above that support on daily basis. And it’s a big if as a good deal of buying interest clustered on approach to 101.40/30 will limit the downside.
What price levels and patterns have to be considered?
With spot trading at 101.70, we can see next resistance ahead at 101.70 (Daily Classic PP), 101.77 (Daily High), 101.80 (Weekly Classic S1), 101.81 (Hourly 100 SMA) and 101.93 (Daily Classic R1).
Support below can be found at 101.67 (Daily Open), 101.67 (Hourly 20 EMA), 101.66 (Weekly Low), 101.54 (Daily Low) and 101.53 (Monthly Low).