5 Feb 2014
USD/JPY retreat towards 101.25/30 hourly kijun
FXStreet (Bali) - USD/JPY has come off session highs at 101.72, with solid selling interest well ahead of 102.00 coupled with a retreat in the Nikkei 225, now only up 0.60% from nearly 1.5% gains at the open, pressing up the Yen.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows indicators in positive territory but turning lower, while moving averages stand above current price maintaining a strong bearish slope: 100 SMA provides resistance in the 102.00 area, and sellers may surge on approaches to the level. In the 4 hours chart indicators continue heading higher below their midlines, in correction mode."
According to Ichimoku readings, Ivan Delgado, Head of Asian Editors at FXstreet.com, notes that "Ichimoku indicators still favours USD/JPY sales, but keeping an eye on the Nikkei 225 is key, for a potential extension of Tueday's rebound..." At present, the USD/JPY is testing bids at the hourly kijun intersection around 101.25/30.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows indicators in positive territory but turning lower, while moving averages stand above current price maintaining a strong bearish slope: 100 SMA provides resistance in the 102.00 area, and sellers may surge on approaches to the level. In the 4 hours chart indicators continue heading higher below their midlines, in correction mode."
According to Ichimoku readings, Ivan Delgado, Head of Asian Editors at FXstreet.com, notes that "Ichimoku indicators still favours USD/JPY sales, but keeping an eye on the Nikkei 225 is key, for a potential extension of Tueday's rebound..." At present, the USD/JPY is testing bids at the hourly kijun intersection around 101.25/30.