13 Jan 2014
USD/JPY hovering around 104.00
FXstreet.com (Córdoba) - After falling a more than a hundred pips last Friday, weakened by disappointing data from the US, the USD/JPY managed to stabilized during the American session finding support at 103.90. At the beginning of Monday the pair is trading below Friday's closing price, hovering around 104.00.
Markets in Japan will not open on Monday, because of the celebration of the Coming of Age Day holiday. Volume could be restricted.
USD/JPY eying Friday's lows
At the moment of writing the USD/JPY is testing the bottom of a small trading range that capped the downside during Friday's American session, located above 103.90. Below immediate support lies at 103.82 (January 10th lows) and 103.70. To the upside, resistance comes at 104.15 (January 13th highs) and above at 104.40.
According to Valeria Bednarik, Chief Analyst at FXstreet.com the hourly chart shows price well below moving averages, with little aims to correct higher. “In the 4 hours chart the strong downward momentum prevails, with a break below 103.70 now required to confirm a continued slide for this Monday.”
Markets in Japan will not open on Monday, because of the celebration of the Coming of Age Day holiday. Volume could be restricted.
USD/JPY eying Friday's lows
At the moment of writing the USD/JPY is testing the bottom of a small trading range that capped the downside during Friday's American session, located above 103.90. Below immediate support lies at 103.82 (January 10th lows) and 103.70. To the upside, resistance comes at 104.15 (January 13th highs) and above at 104.40.
According to Valeria Bednarik, Chief Analyst at FXstreet.com the hourly chart shows price well below moving averages, with little aims to correct higher. “In the 4 hours chart the strong downward momentum prevails, with a break below 103.70 now required to confirm a continued slide for this Monday.”