21 Mar 2014
USD/JPY bouncess off 102.00
FXStreet (Córdoba) - Following a quick dip to the 102.00 area, the USD/JPY found support and managed to trim intraday losses.
Without a clear catalyst, the USD/JPY fell to a daily low of 102.01 during the European session but buyers reappeared sending the pair back to the 102.30 area most recently. The USD/JPY has spent the last couple of days consolidating above the 102.00 mark following Fed's shift of forward guidance, and seems unable to set a fresh short-term direction. At time of writing, the pair is trading around 102.25, 0.1% below its opening price. The US calendar is pretty empty, with only a couple of Fed speakers scheduled.
USD/JPY technical outlook
"A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.48) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds", said Luc Luyet, analyst at Swissquote Bank SA. A major resistance stands at 110.66 (15/08/2008 high)".
Without a clear catalyst, the USD/JPY fell to a daily low of 102.01 during the European session but buyers reappeared sending the pair back to the 102.30 area most recently. The USD/JPY has spent the last couple of days consolidating above the 102.00 mark following Fed's shift of forward guidance, and seems unable to set a fresh short-term direction. At time of writing, the pair is trading around 102.25, 0.1% below its opening price. The US calendar is pretty empty, with only a couple of Fed speakers scheduled.
USD/JPY technical outlook
"A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.48) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds", said Luc Luyet, analyst at Swissquote Bank SA. A major resistance stands at 110.66 (15/08/2008 high)".