13 May 2014
USD/JPY tests the 102.00 level
FXStreet (San Francisco) - The US dollar is trading under pressure after the weak retail sales data in the US. In this framework, the USD/JPY fell around 30 pips from daily highs at 102.35 to test the 102.00 area.
"There is a good bit of congestion on the short-term charts through the 101.95 level so the buck could stabilize from here," comments Jamie Coleman from FXBeat news service. "In addition, 102.01 is the 38.2% retracement of the rally to 102.36 off the recent 101.44 lows."
Currently, USD/JPY is trading at 102.14, up 0.01% on the day, having posted a daily high at 102.38 and low at 102.06. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY levels
Supports are seen at 102.00, 101.78 (May 12 low), 101.54 (May 9 low) and 101.32 (Apr 11 low). On the upside, resistances are at 102.65 (Apr 30 high), 102.77 (Apr 29 high) and 103.02 (May 2 high).
"There is a good bit of congestion on the short-term charts through the 101.95 level so the buck could stabilize from here," comments Jamie Coleman from FXBeat news service. "In addition, 102.01 is the 38.2% retracement of the rally to 102.36 off the recent 101.44 lows."
Currently, USD/JPY is trading at 102.14, up 0.01% on the day, having posted a daily high at 102.38 and low at 102.06. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY levels
Supports are seen at 102.00, 101.78 (May 12 low), 101.54 (May 9 low) and 101.32 (Apr 11 low). On the upside, resistances are at 102.65 (Apr 30 high), 102.77 (Apr 29 high) and 103.02 (May 2 high).