14 Jan 2014
USD/JPY extends decline on Monday, ends at 103.00
FXstreet.com (Córdoba) - The USD/JPY lost more than a hundred pips on Monday and finished around 103.00, posting the lowest daily close since December 17th. During the American session the pair found support at 102.85 and bounce slightly rising toward 103.00.
Falling stocks, a weak US employment report and a decline in US bond yields triggered the demand for the Yen against the US dollar.
Technical outlook for the USD/JPY
The short-term outlook change dramatically on Friday and turned bearish. The pair was testing an important resistance located at 105.45 and made a strong reversal after NFP; since the numbers were released dropped 200 pips.
Greg McKenna, from Vantage FX mentions 102.54 as a key support and points out that a break below cold send the USD/JPY toward the 101.00 area.
Falling stocks, a weak US employment report and a decline in US bond yields triggered the demand for the Yen against the US dollar.
Technical outlook for the USD/JPY
The short-term outlook change dramatically on Friday and turned bearish. The pair was testing an important resistance located at 105.45 and made a strong reversal after NFP; since the numbers were released dropped 200 pips.
Greg McKenna, from Vantage FX mentions 102.54 as a key support and points out that a break below cold send the USD/JPY toward the 101.00 area.