8 Apr 2014
USD/JPY threatens 102.00 support area
FXStreet (Córdoba) - The USD/JPY extended its decline approaching the 102.00 psychological level as broad dollar weakness added to an already bearish sentiment triggered by the BoJ inaction.
The USD/JPY has lost more than 100 pips throughout the day, hitting a low of 102.05 before taking a breather and stabilizing, at least temporarily. At time of writing, the USD/JPY is trading at the 102.10 area, recording 0.95% loss on the day.
USD/JPY technical levels
In terms of technical levels, next supports for USD/JPY could be found at 102.02/00 (Mar 28 low/psychological level) and 101.72 (Mar 27 low). On the flip side, next resistances are seen at 102.82 (Daily 100 SMA) and 103.10 (daily high).
USD/JPY technical perspective
"The pair has a clear bearish tone according to the hourly chart, with momentum heading south in negative territory, and price steady around the daily low. Bigger time frames present also a strong bearish tone that suggest a probable test of the 101.70/80 area for the upcoming hours", said Valeria Bednarik, analyst at FXStreet. "A daily close below this last should open doors for an approach to the key 100.00 level later on the week".
The USD/JPY has lost more than 100 pips throughout the day, hitting a low of 102.05 before taking a breather and stabilizing, at least temporarily. At time of writing, the USD/JPY is trading at the 102.10 area, recording 0.95% loss on the day.
USD/JPY technical levels
In terms of technical levels, next supports for USD/JPY could be found at 102.02/00 (Mar 28 low/psychological level) and 101.72 (Mar 27 low). On the flip side, next resistances are seen at 102.82 (Daily 100 SMA) and 103.10 (daily high).
USD/JPY technical perspective
"The pair has a clear bearish tone according to the hourly chart, with momentum heading south in negative territory, and price steady around the daily low. Bigger time frames present also a strong bearish tone that suggest a probable test of the 101.70/80 area for the upcoming hours", said Valeria Bednarik, analyst at FXStreet. "A daily close below this last should open doors for an approach to the key 100.00 level later on the week".